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In 1997, Indonesia officially signed and ratified United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988.As one of signatory countries, Indonesia obliged to consider money laundering as criminal act and required to have measure to identify, trace, or confiscate money in relation to illicit traffic in narcotics drugs.
The report urged Indonesia to implement anti-money laundering legislation and prudential bank supervisory practices to prevent Indonesian banks from being victimized in scandals. [55] Indonesia in 2002 formed a Financial Transaction Reports and Analysis Center , then in 2010 enacted an anti-money laundering law and in 2011 established the ...
The Anti–Money Laundering and Counter–Terrorism Financing Act 2006 (Cth) (AML/CTF Act) is the principal legislative instrument, although there are also offence provisions contained in Division 400 of the Criminal Code Act 1995 (Cth). Upon its introduction, it was intended that the AML/CTF Act would be further amended by a second tranche of ...
The Asia/Pacific Group on Money Laundering (APG) is a FATF-style regional inter-governmental (international) body, the members of which are committed to effectively implementing the international standards against money laundering (Anti–money laundering or AML), combating the financing of terrorism (CFT) and financing the proliferation of weapons of mass destruction.
An Act to provide for the offence of money laundering, the measures to be taken for the prevention of money laundering and terrorism financing offences and to provide for the forfeiture of property involved in or derived from money laundering and terrorism financing offences, as well as terrorist property, proceeds of an unlawful activity and instrumentalities of an offence, and for matters ...
Structuring: Often known as smurfing, is a method of placement whereby cash is broken into smaller deposits of money, used to defeat suspicion of money laundering and to avoid anti-money laundering reporting requirements. A sub-component of this is to use smaller amounts of cash to purchase bearer instruments, such as money orders, and then ...
Law No.30/2002 on the Corruption Eradication Commission was passed in 2002, providing a legal basis for the establishment of the KPK. [7] [8] Since then, the commission has engaged in significant work, revealing and prosecuting cases of corruption in crucial government bodies reaching as high as the Supreme Court.
The Anti-Money Laundering Improvement Act established national and international policies to prevent and combat money laundering and terrorist financing. [1]It protects the integrity of financial institutions by detecting money laundering activities, which involve converting illegally obtained funds into legitimate assets through complex transactions and disguising the proceeds as lawful funds.