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The second Financial Action Task Force (FATF) report published in June 2001 and including a supplemental report in September, denoted Indonesia as one of non-cooperative countries. As response, Bank Indonesia issued Bank Indonesia Regulation No. 3/10/PBI/2001 on Know your customer principle, which requires financial institution to identify its ...
The Financial Action Task Force (FATF), also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and to maintain certain interest. [3] In 2001, its mandate was expanded to include terrorism financing.
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.
Financial Action Task Force Membership Map According to its official website, there are 39 members of FATF (earlier 40 members, Russia's membership was suspended in Feb 2023) and two Regional Organisations (European Union and Gulf Cooperation Council), representing most financial centers around the world. [ 10 ]
In 2015, Indonesia was taken out of the 'Non-Cooperative Countries or Territories' (NCCTs) list by the Financial Action Task Force (FATF). Indonesia now has the same advantages and status as G20 countries. The exit proves that BNPT is committed to preventing terrorism by combating financial crimes through the implementation of Law No.9/2013.
In June 2016, economic relations between Indonesia and the Philippines took a minor strain, when the Indonesian officials suspended coal exports to the Philippines. This decision was made after 7 Indonesian sailors carrying boats of coal en route to the Philippines were kidnapped by Filipino militants in the Sulu Sea .
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In October 1997, Indonesia and the International Monetary Fund (IMF) reached an agreement on an economic reform program aimed at macroeconomic stabilization and the elimination of some of the country's most damaging economic policies, such as the National Car Program and the clove monopoly, both involving family members of Suharto.