Beneficial ownership could be answer to AML in Indonesia

Author: Karry Lai | Published: 11 Apr 2018
Indonesia hopes to be able to join the Financial Action Task Force (FATF) but first needs to demonstrate it is making progress in the area of anti-money laundering (AML). Recent progress made when it comes to the beneficial owner regime could be a step forward though further legal clarity is needed. 

Its new regulation targeting AML and combating terrorism financing (CFT) came into effect on March 5, and requires companies and business entities to provide the government with information on their beneficial owners.

The President Regulation makes no reference to the Company Law or any other laws concerning corporations According to Fransiscus Rodyanto, partner at SSEK, the enactment of the know-your-beneficial-owner principles by corporations in the framework of the prevention and eradication of money laundering and terrorism financing is a step for Indonesia toward becoming a member of the FATF, to help the authorities identify tax evasion, and as a...


 

 

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