The Indonesian Financial Transaction Reports and Analysis Center (PPATK) and relevant agencies have completed a draft presidential regulation related to beneficial ownership. Access to beneficial ownership is one of the requirements for Indonesia to implement Automatic Exchange of Information (AEoI). The Organisation for Economic Co-operation and Development (OECD) will immediately conduct review related to such issue in the second assessment.
PPATK is developing a systemic approach in money laundering eradication which requires improvement in laws and regulations. Based on PPATK’s data, some big cases of money laundering involve corporations and the regulation on beneficial ownership is only one of the efforts to improve policies related to corporations in Indonesia.
In addition, the regulation on beneficial ownership is also related to the recommendation of Financial Action Task Force on Money Laundering (FATF), namely FATF Recommendation 24 and Immediate Outcome 5.