President issues regulation to eradicate money laundering, terrorism

Jakarta (ANTARA News) - President Joko Widodo has issued a Presidential Regulation No.13 Year 2018 on the Prevention and Eradication of Money Laundering and Terrorism, the information center of the Cabinet Secretary said here, Tuesday.

The official announced that the regulation has been inked by President Joko Widodo (Jokowi) on March 1, and the Law and Human Rights Minister Yasonna H. Laoly on March 5.

The regulation is aimed to provide a legal standing for the law enforcement to crack down on terrorists, and money launderers whose companies are used to commit the crime.

Indonesian government, the official said, has committed to oversee all corporations operated in the country.

"Corporation" in the regulation includes foundations, cooperative, companies, firms, joint ventures (CV), and other business groups.

Apart of corporation, the regulation also has provide a legal definition for the corporations owners, the business scheme, the profit, the businesss board members.

The law, has mandated that all corporations should provide true information on their business objectives, as clearly written on a letter of statement, intended to the Indonesian government.

Managements of the corporation, the ruling added, should regularly update information on its business and other activities every year.

A penalty will be imposed to the corporation which is failed to comply with the regulation, the information center noted.

On this regulation, the law enforcement, and some public offices, are allowed to exchange information in order to prevent and eradicate the money laundering, as well as halt terrorism.

Source: ANTARA News

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