Act toward Illegal Foreign Exchange Company

Act toward Illegal Foreign Exchange Company


Bali Governor Made Mangku Pastika called on Bank Indonesia (BI) to take action toward the existence of money changers that have no license.

“It was considered urgent because it can disturb tourists in Bali,” said Governor Pastika when welcoming BI Leader III region of Bali Nusa Tenggara, Benny Siswanto Wednesday.

He said the controlling is very important as an effort to provide a sense of security and comfort to the tourists to enjoy a holiday on the island.

According to Benny Siswanto, based on the data there are only 120 foreign exchange or money changer companies registered and having license in Bali.

While the rest are known does not have any license. He said he did not have the authority to give sanction to the illegal enterprise.

Meanwhile, only the police are obliged to give sanction to provide a deterrent effect.

Benny Siswanto promised it should receive special attention from the parties concerned as the proliferation of illegal foreign exchange company can give negative impact for the development of tourism in this area.

Domestic and foreign tourists enjoy a holiday in Bali in need of comfort and honesty, especially in transaction of exchange and payment systems, said Benny Siswanto.

Foreign exchange traders in Bali is also very vulnerable as target of  money laundering, so if there is a foreign currency transaction at least 100 million, it must be reported to the central reporting and analysis of financial transactions (INTRAC).

Secretary of Foreign Exchange Traders Association of Bali, Ngurah Ambara Putra in Denpasar said money laundering  also could raises social issues that need attention and handling of all parties.

Bank Indonesia said it will oversee the transaction in non-bank foreign exchange traders. Bank Indonesia has banned the operations of non-bank foreign exchange to prevent money laundering.

The ban was contained in the policy set out in the Bank Indonesia regulations on business activities of non-bank foreign exchange.

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The Bali Times