Jakarta, IO – It has been thirteen years since Law 8/2010 on Countermeasure and Eradication of Money Laundering Crimes (TPPU Law) came into effect. Recently, a discourse about a suspicious transaction report (STR) of IDR 349 trillion came to light at the Ministry of Finance (MoF), particularly the Directorate-General of Taxes and the Directorate-General of Customs and Excise.
However, the report was then revised by the Finance Minister, based on a report by the Financial Transaction Reports and Analysis Center (PPATK) that the actual suspicious transaction value in the MoF was “only” IDR 3 trillion.
In the TPPU Law, the scope of suspicious transactions includes:
Financial transactions unusual from the profile, characteristics, or regular transaction patterns of a customer,
a. Financial transactions made by a customer who is reasonably suspected of avoiding transaction reporting. This must be reported according to the law.
b. Completed or canceled financial transactions using assets susceptibly gained from the proceeds of criminal conduct,
c. Financial transactions which the PPATK requests to be reported because they involve assets assumingly gained from the proceeds of criminal conduct.
The information regarding the four suspicious transactions must not be disclosed to unauthorized parties except law enforcement officers investigating the money laundering cases.
Article 11 of Law 8/2010 states that an individual or PPATK official is prohibited from distributing information, documents or statements regarding financial transactions to the public – with a penalty of four years imprisonment.