Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Nadia Maharani, Firti N. Heriani
As financial intermediaries, banks are one of the most important pillars of an economy. Due to their importance, banks are continuously developing their services to meet public needs. In Indonesia, however, such development seems to be hampered as the banking industry still relies on decades-old legislation.Law No. 7 of 1992 on Banking, as amended by Law No. 10 of 1998 (Banking Law) has been the guideline for banks operating in Indonesia for more than two decades. Considered as no longer capable of adjusting to current banking developments, the House of Representatives has already started discussions on a Draft Bill on Banking to update the Banking Law.
In addition to input from relevant stakeholders, discussions at the parliament must also cover the constitutional issues related to banking matters. Currently three constitutional issues on banking have been identified. The first one is the applicability of laws and regulations to banks.
This issue was brought forward by a gold seller to the Constitutional Court. The gold seller asked the damages to be paid related to a decision of the Central Jakarta District Court. The bank, however, declined to pay the damages, claiming that it was not in accordance with the legal framework on banking. The Court then declared that banks must comply with the prevailing laws and regulations, including court decisions—not merely the legal framework specific to banks.
When asked for statements on this case, Tirta Segara, Executive Director of Bank Indonesia (BI) Communication Department, said that his institution has no authority to comment on the Court’s decision.
“The authority to comment on this matter is with the Financial Services Authority (OJK). BI can only supervise the bank stability, and non-performing loans,” said Tirta Segara at BI Tower last Friday.
The second issue is in regard to accounts with joint assets/liability (marital property). The Constitutional Court has declared that bank secrecy cannot be implemented without any exceptions. For cases such as marital property, the Constitutional Court says that a bank may disclose the data of a customer.
The final issue also relates to bank secrecy, but with an emphasis on tax enforcement. The Director General of Tax has requested banks to waive bank secrecy for taxation purposes. The tax regulatory framework indeed grants the Directorate General of Tax access to bank accounts. However, this power only applies to criminal investigations i.e. tax crimes.
This issue has been brought to the House by the Directorate General of Tax for inclusion in the Draft Bill. If it is included, the Directorate General of Tax hopes that it will be the first step for uncovering potential taxation sources.
The parliament may or may not approve the Directorate General of Tax’s request, as there is a potential moral hazard to waiving bank secrecy just for taxation purposes. There is also a concern that customer data may be misused if bank secrecy is waived for this purpose.
(hot/kc)
Nadia Maharani, Firti N. Heriani
As financial intermediaries, banks are one of the most important pillars of an economy. Due to their importance, banks are continuously developing their services to meet public needs. In Indonesia, however, such development seems to be hampered as the banking industry still relies on decades-old legislation.Law No. 7 of 1992 on Banking, as amended by Law No. 10 of 1998 (Banking Law) has been the guideline for banks operating in Indonesia for more than two decades. Considered as no longer capable of adjusting to current banking developments, the House of Representatives has already started discussions on a Draft Bill on Banking to update the Banking Law.
In addition to input from relevant stakeholders, discussions at the parliament must also cover the constitutional issues related to banking matters. Currently three constitutional issues on banking have been identified. The first one is the applicability of laws and regulations to banks.
This issue was brought forward by a gold seller to the Constitutional Court. The gold seller asked the damages to be paid related to a decision of the Central Jakarta District Court. The bank, however, declined to pay the damages, claiming that it was not in accordance with the legal framework on banking. The Court then declared that banks must comply with the prevailing laws and regulations, including court decisions—not merely the legal framework specific to banks.
When asked for statements on this case, Tirta Segara, Executive Director of Bank Indonesia (BI) Communication Department, said that his institution has no authority to comment on the Court’s decision.
“The authority to comment on this matter is with the Financial Services Authority (OJK). BI can only supervise the bank stability, and non-performing loans,” said Tirta Segara at BI Tower last Friday.
The second issue is in regard to accounts with joint assets/liability (marital property). The Constitutional Court has declared that bank secrecy cannot be implemented without any exceptions. For cases such as marital property, the Constitutional Court says that a bank may disclose the data of a customer.
The final issue also relates to bank secrecy, but with an emphasis on tax enforcement. The Director General of Tax has requested banks to waive bank secrecy for taxation purposes. The tax regulatory framework indeed grants the Directorate General of Tax access to bank accounts. However, this power only applies to criminal investigations i.e. tax crimes.
This issue has been brought to the House by the Directorate General of Tax for inclusion in the Draft Bill. If it is included, the Directorate General of Tax hopes that it will be the first step for uncovering potential taxation sources.
The parliament may or may not approve the Directorate General of Tax’s request, as there is a potential moral hazard to waiving bank secrecy just for taxation purposes. There is also a concern that customer data may be misused if bank secrecy is waived for this purpose.
(hot/kc)