Full FATF membership can help realize Advanced Indonesia vision

Full FATF membership can help realize Advanced Indonesia vision

Screenshot—Head of the Finance Ministry’s preparation team for the implementation of the mutual evaluation review by FATF, Muhammad Sigit, at a virtual discussion on Friday (August 5, 2022). (ANTARA/YouTube Liputan6/uyu)

It will facilitate Indonesia to carry out bilateral and multilateral (cooperation)...
Jakarta (ANTARA) - A full membership in the Financial Action Task Force (FATF) will help Indonesia realize its vision of becoming the world’s third- or fourth-largest economy by 2045 (Advanced Indonesia vision), the Finance Ministry has said.

This was conveyed by head of the ministry’s preparation team for the implementation of the mutual evaluation review by FATF, Muhammad Sigit, during a virtual session on Friday.

He said he expects that a full FATF membership will increase Indonesia's credibility, thus the trust of the international community in Indonesia will improve, especially in the economic and investment sectors.

"It will facilitate Indonesia to carry out bilateral and multilateral (cooperation), as well as to exchange information for the development of the economy and the prosecution of various financial crimes, especially concerning taxation, customs, and excise," the minister added.


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A full FATF membership is also a manifestation of one of the ideals of the country, as stated in the Preamble to the 1945 Constitution, that Indonesia must contribute to the international order, the official said.

He further said that his team strongly supports Indonesia’s bid to immediately become a full member of the FATF, for instance, by carrying out FATF’s recommendations on the management and supervision of the prevention and eradication of money laundering (TPPU).

The Finance Ministry, along with the relevant ministries and institutions, is conducting an assessment of the risk of TPPU in all industries in Indonesia, which will include an audit based on the results of the assessment.

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“The methods utilized to carry out the TPPU are very advanced, hence it (handling crimes) needs various suggestions. When Indonesia (only) became an observer (at the FATF), we just attended (the meetings) without being able to convey any information and recommendations," Sigit added.

Indonesia has just completed the mutual evaluation review, which was carried out on site by FATF assessors from July 18 to August 4, 2022. If Indonesia passes the evaluation, the country can become a full member of the task force.

To date, only 35 countries and two regional organizations have been declared eligible to join the FATF.


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