Financial transaction

Money laundering still rampant – Tue 8th February 2022

Editorial Board (The Jakarta Post)

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Jakarta ●
Tue 8 February 2022

The Financial Transaction Reports and Analysis Center (PPATK) said it received 73,000 suspicious financial transaction reports in 2021, up from 68,057 in 2020, as well as 2.4 million suspicious cash transaction reports, down from 2.7 million in 2020.

Although the number of cash transactions decreased last year, this trend remains a concern as only single and multiple transactions single-day cash payments that bypass (smurf) the reporting threshold of Rp 500 million (USD 34,720) are classified as suspicious cash transactions. Given advances in electronic payments, this trend confirms that cash remains the means of choice for criminals to launder money domestically, regionally and internationally.

Unfortunately, not even 1% of reported suspicious transactions can be incorporated into criminal money laundering cases, and furthermore, very few of these cases ultimately result in a conviction.

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