Optimizing seat at the FATF to combat transnational crimes

Jakarta (ANTARA) - Indonesia secured a permanent seat in the Financial Action Task Force

(FATF), a money laundering and terror financing watchdog, after member states accepted its bid during a plenary meeting in

Paris on October 25 last year.

The membership followed Indonesia’s consistent endeavors to become the 40th member of the FATF since June 29, 2018, when the country was granted observer status.

International recognition of Indonesia’s regulatory effectiveness and regime of anti-money laundering, terror financing prevention, and weapons of mass destruction (WMD) non-proliferation is expected to support the economy by drawing domestic and foreign investments.

Following up on the good news, the government issued Presidential Decree No.14 of 2024 concerning Indonesia's FATF membership, which was signed by President Joko Widodo (Jokowi) on April 5, 2024.

The issuance of the degree was guided by the need for building international support and commitment to combat transnational crimes, such as money laundering and financing of terrorist groups.

Indonesia, which is among the world’s largest economies, needs to contribute and participate in the FATF to protect its economic stability and financial system integrity from the threats posed by such crimes.