"We wish anyone conducting transactions gives clear and accurate data."Jakarta (ANTARA News) - Indonesia plans to apply an International Funds Transfer Instruction (IFTI) reporting system in an effort to prevent and eradicate money laundering in the country.
The deputy chief of the country`s Financial Transactions Analysis and Reporting Center (PPATK), Agus Santoso, said at a seminar here on Wednesday that Indonesia would be the third country applying the system after Australia and Canada.
He said it is expected the system could be applied in the middle of this year with the first priority given to banks as a pilot project.
He said the submission of reports of funds transfers from home and abroad is still new for financial service providers and community members in the country.
In view of that PPATK would conduct a public hearing before the system is applied to collect inputs as well as to assure maximal implementation of the system, he said.
He said Indonesia has chosen to implement the system to assure that no illegal money came through insurance or money market systems and prevent money laundering.
"We wish anyone conducting transactions gives clear and accurate data. Financial service providers report them and monitor for possible money laundering," he said.
He said the Australia Transaction Report and Analysis Center (Austrac) registers 200 million financial transactions a year reported by its financial service providers.
In view of that he said PPATK views financial service providers play a pivotal role in the prevention and eradication of money laundering in Indonesia.
"The IFTI reporting system is also useful for acting against funds from international narcotic crime networks. We will set up an IFTI Working Group and later cooperate with several banks including Bank Indonesia and other parties with regard to building the IFTI system," he said.
(Reporting by Azis Kurmala, Editing by Yoseph Hariyadi)
Editor: Priyambodo RH
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