- Nindyo Pramono, a professor of business law at the University of Gadjah Mada (“UGM”), argued recently when summoned as an expert witness before the Constitutional Court that the investigative authority of the Financial Services Authority (“OJK”), as set under Law No. 21 of 2011 on the Financial Services Authority (“OJK Law”), may ultimately lead to uncertainty. This uncertainty stems from an overlap of authority between the OJK, the National Police (“Polri”) and civil-service investigators (“PPNS”), as set under Law No. 8 of 1981 on Criminal Procedural Law (“KUHAP”). In other words, the OJK should not be taking on the role of legal enforcer.
- Moreover, Prof. Nindyo also stressed that the financial service authorities of other countries, such as the United Kingdom, do not assume the role of investigative authority. Indeed, it is Prof. Nindyo’s belief that granting said investigative authority to the OJK is in direct contradiction with Indonesia’s integrated criminal justice system.
- Ratno Lukito, a professor of comparative law at UIN Sunan Kalijaga Jogjakarta and also an expert witness during this process of judicial review, stated that Indonesia’s OJK was unusual in that it possessed both administrative supervision and investigative authorities, which Lukito claimed were the ultimate cause of the abovementioned overlap.
- For more on this story, see Hukumonline: “Ahli Sebut Wewenang Penyidikan OJK Aneh”.
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