Friday, July 11, 2008
RI's Anti-Money Laundering, Counter Financing of Terrorism Rating Up
Source: The Jakarta Post

The Asia Pacific Group (APG) at the closing of its 11th annual meeting here Friday said Indonesia had improved in its enactment of 49 recommendations of the Anti Money Laundering and Counter Financing of Terrorism and the Financial Action Task Force (FATF).

The head of Indonesia's Financial Transaction Reporting and Analysis Center, Yunus Husein, said despite the achievement, Indonesia still needed to improve in many areas.

"Indonesia has indeed met most of the 49 recommendations, but it's not yet perfect," he said.

Indonesia was rated "good" on 34 FATF points. However, the country failed to meet standards in areas including legal framework and supervision of goods suppliers and professionals.

Indonesia's legal system also came up short, as did several attributes of its financial sector.

However, Indonesia ranked higher than Cambodia and Thailand, Yunus said.

The APG also evaluated Canada, Hong Kong, China, Singapore, Myanmar and Palau.

The 11th Annual Meeting and the 7th Annual Technical Assistance and Training Forum of the Asia Pacific Group on Money Laundering was held from July 7 until 11, 2008.

The meetings were attended by more than 290 participants consisting of high ranking officials handling financial intelligence in the Asia-Pacific region.