Indonesian President Cautions Against Crypto in Money Laundering Risks
The President of Indonesia Joko Widodo has raised concerns over the use of cryptocurrencies in money laundering.
According to a recent report by Antara, President Widodo highlighted the alarming volume of illicit financial flows during his address at the 22nd Anniversary of the National Movement for Anti-Money Laundering and Terrorism Financing Prevention.
Indonesia achieved a permanent position in the Financial Action Task Force (FATF), an international body combating money laundering and terror financing, following approval from member states at a meeting in Paris on October 25 last year.
This milestone marked the culmination of Indonesia’s efforts since June 29, 2018, when it first joined the FATF as an observer, steadily working towards becoming the organization’s 40th member.
Widodo expressed his hope that Indonesia’s full membership in the FATF would motivate stakeholders to intensify their efforts against money laundering.
He viewed the membership as crucial for enhancing Indonesia’s economic credibility and improving the global perception of its financial system, which he believes will subsequently attract more investments.
Widodo noted that Indonesia’s FATF membership would provide support from 39 countries, which could offer expert testimony and evidence in efforts to combat money laundering, including crimes involving crypto.
The importance of vigilance among stakeholders was also emphasized, particularly as money launderers increasingly exploit crypto markets to obscure their activities.
Exciting discussions today as we met with Nordstar and its impressive lineup of portfolio companies including Nothing, Airwallex, and Worldcoin.
The meeting was attended by YB Tuan Gobind Singh Deo, Minister of Digital; YBrs. Tuan
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