25th October 2016
The National Narcotics Agency (BNN) has discovered money laundering activities from the drug trade affecting nine countries, including China. The total amount of cash uncovered was Rp3.6 trillion, of which, 2.7 trillion from drug trade, stashed abroad, BNN Chief Commissioner General Budi Waseso said here, Monday. The commissioners report was… Read More
21st October 2016
Two years after President Joko “Jokowi” Widodo and Vice President Jusuf Kalla entered office, there has been no significant improvement in Indonesia’s war against corruption, a watchdog has said. Indonesia Corruption Watch (ICW) legal researcher Aradila Caesar said Jokowi had shown a positive intention to support the Corruption Eradication Commission’s… Read More
19th October 2016
The great expectations of bringing back wealthy Indonesians’ funds from overseas under the tax amnesty have hit a snag, with many declaring their assets in the program, but with little repatriation. As of Tuesday evening, Rp 143 trillion (US$11.01 billion) have been repatriated under the amnesty, a fraction of the… Read More
11th October 2016
A domestic helper who told a court that money laundering was to wash money with water was jailed for 30 months on Tuesday over her pivotal role in a loan scheme with high interest rates targeting grass-roots borrowers. Although Siti Rianah, 30, was only involved in letting her… Read More
4th October 2016
A tax amnesty in Indonesia that has pulled billions of dollars in undeclared money out of Singapore is refocusing attention on the challenge facing the city-state as it tries to expand its business as private banker to wealthy Asians while safeguarding its reputation for good governance. Some $10.5 billion in… Read More
30th September 2016
The Investment Coordinating Board’s (BKPM) director for international business cooperation, Indra Darmawan, has said combating corruption is becoming a key part of the government’s efforts to improve the ease of doing business in Indonesia, asserting that corruption remains the major problem blocking the development of the country’s global competitiveness. He… Read More
27th September 2016
Standard Chartered (STAN.L) has referred allegations of impropriety at an Indonesian power company that the bank’s private equity arm invested in to the appropriate authorities, the bank said on Tuesday. The Wall Street Journal earlier reported the bank faced an investigation by the U.S. Department of Justice into whether… Read More
17th August 2016
Members from a police-initiated independent team will meet anti-money laundering agency officials soon to investigate the alleged involvement of law enforcers in drug-trafficking rings in the country. The Financial Transaction Reports and Analysis Center (PPATK) recently found suspicious transactions of funds worth Rp 3.6 trillion ($275 million) allegedly involving the… Read More
25th July 2016
Singapore’s wealth management industry is likely to suffer a bad dent as rich Indonesians move some money back home to take advantage of a tax amnesty, but the exodus of funds isn’t going to be as big as Jakarta is predicting. Around $200 billion of Indonesian money that may not… Read More
15th July 2016
One of the applicants of a judicial review of the Tax Amnesty Law has urged President Joko “Jokowi” Widodo to re-examine Article 20 of the law, which he claims “legalizes” money laundering. Sugeng Teguh Santoso, the chairman of non-governmental organization One Justice Foundation, said the President must be warned that… Read More