PPATK to Apply System to Prevent Money Laundering

Jakarta (Antara Bali) - Indonesia plans to apply an International Funds Transfer Instruction (IFTI) reporting system in an effort to prevent and eradicate money laundering in the country.

The deputy chief of the country's Financial Transactions Analysis and Reporting Center (PPATK), Agus Santoso, said that Indonesia would be the third country applying the system after Australia and Canada.

He said it is expected the system could be applied in the middle of this year with the first priority given to banks as a pilot project.

He said the submission of reports of funds transfers from home and abroad is still new for financial service providers and community members in the country.

In view of that PPATK would conduct a public hearing before the system is applied to collect inputs as well as to assure maximal implementation of the system, he said. (IGT)