--- begin forwarded text To: "Bruce Tefft" <btefft@community-research.com> Thread-Index: AcUQb3dHsLUt0QFdTjyUpZpa+PkdQA== From: "Bruce Tefft" <btefft@community-research.com> Mailing-List: list osint@yahoogroups.com; contact osint-owner@yahoogroups.com Delivered-To: mailing list osint@yahoogroups.com Date: Fri, 11 Feb 2005 14:25:38 -0500 Subject: [osint] Indonesia Off Money Laundering List Reply-To: osint@yahoogroups.com http://www.laksamana.net/vnews.cfm?ncat=3 <http://www.laksamana.net/vnews.cfm?ncat=3&news_id=7907> &news_id=7907 Indonesia Off Money Laundering List February 12, 2005 01:43 AM, Laksamana.Net - The government is expecting the nation's investment ratings to be upgraded after an international anti-corruption group removed Indonesia from a list of countries known for money laundering. The Financial Action Task Force on Money Laundering (FATF) this week removed Indonesia, the Philippines and the Cook Islands from its list of countries deemed non-cooperative in efforts to halt money laundering. FATF in 2001 blacklisted Indonesia and 18 other countries, making it more costly for their banks to conduct international transactions. FATF was established by the G7 group of industrialized nations following the September 11, 2001, terror attacks on the US in an effort to track the flow of funds to terrorist organizations. Indonesia passed an anti-money laundering law in April 2002, but FATF said much still needed to be done before the country could be withdrawn from the blacklist. Trade Minister Mari Pangestu said Friday (11/2/05) the removal of Indonesia from the list was due to intense lobbying by herself and three other ministers. She said Indonesia had complied with 40 requirements made by FATF's member countries. "They see that the set of measures they required has been fulfilled, including the establishment of the Finance Transaction Analysis Report Center and the compliance audit," she was quoted as saying by state news agency Antara. Coordinating Minister for the Economy Aburizal Bakrie said Indonesia's country risk would decline and its investment ratings would increase accordingly. "As such, payments for interest on state and private debts will decline. And no one will suspect that any financial transaction with us is money laundering," he said. Separately, Finance Minister Jusuf Anwar said Australia and New Zealand had expressed their appreciation of Indonesia's efforts to fight money laundering. Several agencies, including Standard and Poor's and Fitch, raised Indonesia's ratings after last year's general elections bolstered hopes for further macroeconomic stability and economic reforms. Further credit upgrades will make it cheaper for Indonesia to raise funds in the wake of the December earthquake and tsunamis that killed more than 240,000 people in northern Sumatra. Despite Indonesia's anti-money laundering legislation, experts say corrupt individuals and organizations still set up bogus accounts with brokerage houses and use such them to move huge sums of money from sources such as corruption, drug dealing, prostitution and gambling. <http://www.laksamana.net/vnews.cfm?ncat=3&news_id=7907#top> back to top [Non-text portions of this message have been removed] ------------------------ Yahoo! Groups Sponsor --------------------~--> DonorsChoose. A simple way to provide underprivileged children resources often lacking in public schools. Fund a student project in NYC/NC today! http://us.click.yahoo.com/EHLuJD/.WnJAA/cUmLAA/TySplB/TM --------------------------------------------------------------------~-> -------------------------- Want to discuss this topic? 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