Overview

Back in 2012, Indonesia was incorporated onto a Financial Action Task Force (FATF) blacklist due to its lack of a national regulatory framework and law-enforcement measures aimed at realizing any kind of Anti-Money Laundering or Combating Terrorist Financing (AML/CTF) program. This blacklisting was imposed upon the country in spite of the fact that in 2010 Indonesia had introduced Law No. 8 of 2010 on the Prevention and Eradication of Money Laundering (“Law 8/2010”). Consequently, Indonesia was considered to be a risky country to deal with at the international level.

In order to offer a response, in 2013 the House of Representatives issued Law No. 9 of 2013......