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Jakarta Post

Bill on cash transaction limit ready for Jokowi’s approval

Anton Hermansyah (The Jakarta Post)
Jakarta
Tue, April 17, 2018

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Bill on cash transaction limit ready for Jokowi’s approval PPATK deputy chairman Dian Ediana Rae (left), Law and Human Rights Ministry regulation harmonization director Karjono (second left), House Speaker Bambang Soesatyo (third left), Corruption Eradication Commission chairman Agus Rahardjo (third right), Bank Indonesia deputy governor Erwin Rijanto (second right) and the head of the team in charge of a bill on setting a limit for cash-based transactions, Yunus Husein, attend a workshop in Jakarta in April. (JP/Anton Hermansyah)

A

bill that aims to set a limit on cash transactions as part of an effort to crack down on money laundering is set to be presented to President Joko "Jokowi" Widodo.

Should the President approve it, the bill, which is currently being finalized by several government institutions, will be sent to the House of Representatives for deliberation.

Financial Transaction Reports and Analysis Centre (PPATK) chairman Kiagus Ahmad Badaruddin said preparations for the bill began in April 2014, involving the PPATK, National Law Development Agency (BPHN) and Law and Human Rights Ministry, among other groups.

"Other countries, such as Italy, Mexico, France, Belgium, Armenia, the United States, Bulgaria, Ukraine and Brazil, have already issued laws against money laundering that limit cash-based transactions," he said during a workshop on the bill in Jakarta on Tuesday.

He said 4,155 transactions deemed suspicious by the PPATK took place from January 2013 to January 2018, 1,958 of which could be tied to corruption, while 113 could be tied to bribery.

Kiagus said that under the bill, Rp 100 million (US$7,260) would be the transaction limit.

Meanwhile, Law and Human Rights Minister Yasonna Laoly said the bill, which had been included in the 2018 National Legislation Program (Prolegnas), would soon be sent to Jokowi, as only the signature of Coordinating Political, Legal and Security Affairs Minister Wiranto was needed.

“The bill is the government's commitment to significantly reducing [the amount of] suspicious transactions and limiting the circulation of cash," Yasonna said. (bbn)

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