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Selasa, Maret 3, 2020

Advocates Required to Report Suspicious Banking and Capital-Market Transactions

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The Deputy Head of the Financial Transaction Reports and Analysis Centre (Pusat Pelaporan Analisis Transaksi Keuangan – “PPATK”), Dian Ediana Rae, issued a statement recently asserting that the absence of any universal standardization was resulting in a lack of reporting by Indonesian advocates in relation to money laundering cases. An entrenched conflict-of-interest between the responsibility of advocates to maintain client secrecy and the obligation to report any suspicious transactions is believed to be the primary reason for this state of affairs.
In order to find a solution to this problem, advocates are now required to register with the PPATK, specifically in relation to any banking and capital-market transactions. Suspicious transactions can relate to: 1) Property sales and purchases; 2) Management of money, securities and other financial-service products; 3) Management of current accounts, savings, time deposits and/or securities accounts; 4) Operations and management of the company; and/or 5) Establishment, purchase and sale of legal entities.
PPATK Head, Kiagus Ahmad Badaruddin, is urging all parties to report any suspicious transactions in order to anticipate money laundering crimes. Such reporting should, in turn, contribute to an increase in investment and ultimately lower the cost of borrowing.
For more on this story, browse to Hukumonline: Antisipasi Money Laundering, Advokat Akan Diwajibkan Terdaftar di PPAT.

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The Deputy Head of the Financial Transaction Reports and Analysis Centre (Pusat Pelaporan Analisis Transaksi Keuangan – “PPATK”), Dian Ediana Rae, issued a statement recently asserting that the absence of any universal standardization was resulting in a lack of reporting by Indonesian advocates in relation to money laundering cases. An entrenched conflict-of-interest between the responsibility of advocates to maintain client secrecy and the obligation to report any suspicious transactions is believed to be the primary reason for this state of affairs.
In order to find a solution to this problem, advocates are now required to register with the PPATK, specifically in relation to any banking and capital-market transactions. Suspicious transactions can relate to: 1) Property sales and purchases; 2) Management of money, securities and other financial-service products; 3) Management of current accounts, savings, time deposits and/or securities accounts; 4) Operations and management of the company; and/or 5) Establishment, purchase and sale of legal entities.
PPATK Head, Kiagus Ahmad Badaruddin, is urging all parties to report any suspicious transactions in order to anticipate money laundering crimes. Such reporting should, in turn, contribute to an increase in investment and ultimately lower the cost of borrowing.
For more on this story, browse to Hukumonline: Antisipasi Money Laundering, Advokat Akan Diwajibkan Terdaftar di PPAT.

......

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PRO PLUS

Rp 7.500.000

per bulan

Semua Fitur Paket Professional
Layanan Penerjemahan Peraturan
Precedent Hukumonline
Virtual Discussion

PROFESSIONAL

Rp 4.500.000

per bulan

Semua Fitur Paket Standard
Terjemahan Peraturan
Peraturan Konsolidasi
Premium Stories
Monthly Law Review (MLR)
Indonesian Law Digest (ILD)

STANDARD

Rp 2.500.000

per bulan

Indonesian Legal Brief (ILB)
Daily Updates
Bantuan Layanan Pencarian Peraturan
Pusat Data Peraturan dan Putusan Pengadilan Non-Precedent

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