Beneficial ownership data MoU signed by 6 ministries

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The Ministry of Law and Human Rights and several ministries sign a memorandum of understanding regarding the utilization of the beneficial owner / BO data, at the Grand Ballroom, The Sultan Hotel Jakarta, Central Jakarta (3/7/2019). (photo: Raihan)

IO, Jakarta – The Ministry of Law and Human Rights, together with the Ministry of Finance, Ministry of Energy and Mineral Resources, Ministry of Agriculture, Ministry of Cooperatives and SMEs, and the Ministry of ATR / BPN have agreed on a memorandum of understanding (MoU) on strengthening and utilizing beneficial ownership databases to prevent corporations from breaking the law.

This signing is a continuation of the strategy to prevent and eradicate corruption, as mandated in the Presidential Regulation (Perpres) No.  54/2018 concerning the National Strategy for Preventing Corruption.

Through disclosure of ownership benefits, the potential for crime can be sealed off, considering the number of attempts to deceive a beneficial owner’s information through layered actions, using shell companies and intermediaries.

“The benefit owner must be clear so that we can detect tax evasion and other crimes,” said Menkumham Yasonna Laoly after the MoU program, at The Sultan Hotel Jakarta, Gatot Subroto, Central Jakarta (03/07/2019).

Through this policy, a conducive and attractive business and investment climate can be built with the assurance of trust from business players, both at home and abroad.

In addition to Presidential Regulation No.  54/2018, Presidential Regulation No.  13/2018 has also been enacted; this one regulates the application of the principle of recognizing benefiting owners of a corporation.

Presidential Regulation No.  13/2018 requires all parties, in both public and private sectors, to report information on the beneficial owner to a notary.  “The notary as the agreement maker from the establishment of the compulsory business entity is clearly and transparently in the form of the introduction of a beneficial owner. If he violates what the notary has confirmed, he will be sanctioned,” Yasonna said.

To implement this, a technical regulation from Presidential Regulation No.  13/2018 is currently finalized by the Ministry of Law and Human Rights.  The technical regulations in question include Permenkumham on procedures for ownership of benefits, registration of cooperative and SME data for data integration, and monitoring of ownership of benefits.

He revealed that the technical regulation of ownership of benefits had entered a circular stage and would be signed in the near future.  (Rei)