[osint] Indonesia Off Money Laundering List

[R.A. Hettinga]

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To: "Bruce Tefft" <btefft at community-research.com>
Thread-Index: AcUQb3dHsLUt0QFdTjyUpZpa+PkdQA==
From: "Bruce Tefft" <btefft at community-research.com>
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Date: Fri, 11 Feb 2005 14:25:38 -0500
Subject: [osint] Indonesia Off Money Laundering List
Reply-To: osint at 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much still needed to be done before the country could be withdrawn from the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



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-- 
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R. A. Hettinga <mailto: rah at ibuc.com>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'