PPATK Will Limit The Number Of Cash Transactions Ahead Of The Election Of Regional Chairman

By : Ahmad Fadli Dan Aldo Bella Putra | Thursday, March 29 2018 - 15:00 IWST

Kepala PPATK Kiagus Ahmad Badaruddin

INDUSTRY.co.id - Jakarta - The Financial Reporting and Analysis and Transaction Center (PPATK) will make the nominal value of cash transactions or direct payments with currency of Rp 100 million. Head of PPATK Kiagus Ahmad Badaruddin said the restrictions on the number of cash transactions conducted so that they can more easily in tracking suspicious financial transactions ahead of elections 2018.

"Certainly, with the limitation of cash transactions, it will automatically facilitate law enforcement officers, PPATK and other oversight institutions, to prevent and eradicate the TPPU (Money Laundering) and TPPT (Criminal Acts of Terrorism Financing)," he said to the crew media.

With the limitation of the transaction amount of Rp 100 million, he stated, it would facilitate PPATK to convict a criminal violation in conducting cash transactions.

Regarding the regulation, he said that the Draft Law (RUU) is currently being drafted regarding the restrictions on cash transactions. "Actually it is included in our National Legislation Program (Prolegnas), which is already completed and will be submitted to the House of Representatives," Kiagus said.

He hopes the bill can be completed as soon as possible. Targeted, by the end of 2018 this policy can be out.

"We are praying (the bill on cash transaction restrictions) this year is completed, with support to encourage the parties to solve it," he said.

Previously, PPATK was wary of bitcoin development in Indonesia. Because, in the international world, allegations arise if the virtual currency (virtual currency) is used as a means of money laundering and financing of terrorism.