"Indonesia's membership in the FATF is a vital step taken by the government to deal with money laundering and terrorism financing," he told ANTARA on Tuesday.
Ismail said this following the signing of Presidential Decree Number 14 of 2024 concerning Indonesia's FATF membership by President Joko Widodo.
He underlined that Indonesia's membership in the organization that focuses on the eradication of money laundering and terrorism financing would provide the country with broader access to information and data with fellow members to identify suspicious financial transactions and take immediate preventive measures.
Bearing that in mind, he expressed hope that Indonesia would be able to intensify international cooperation in identifying, preventing, and cutting off funds flowing to terrorist groups within the FATF.
Ismail also noted that the FATF had been applying tight standards and guidelines to help its member states implement effective surveillance systems and preventive measures against money laundering and terrorism financing.
He then suggested that the Indonesian government take several steps to follow up on the country's FATF membership, including ensuring the comprehensive implementation of the newly signed presidential decree by supervising the compliance of various stakeholders with FATF's standards.
Ismail further remarked that the government should also educate the public on the importance of comprehending and implementing procedures for money laundering and terrorism financing and collaborate with the Financial Services Authority (OJK) and National Police (Polri) to augment surveillance and law enforcement.
He remarked that the government also needs to routinely evaluate the implementation of related policies and strengthen the capacity of law enforcers and officials from relevant institutions to identify and deal with money laundering and terrorism financing cases.
"Evaluation and recommendation are essential to continue to solidify the system for preventing and handling money laundering and terrorism financing," he concluded.
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Translator: Agatha O, Tegar Nurfitra
Editor: Anton Santoso
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