Indonesian Financial Transaction Reports and Analysis Center

The Indonesian Financial Transaction Reports and Analysis Center or INTRAC (Indonesian: Pusat Pelaporan dan Analisis Transaksi Keuangan) or PPATK is a government agency of Indonesia, responsible on financial intelligence. The agency is formed in 2002 to counter suspected money laundering and provide information on terrorist financing.[1]

Indonesian Financial Transaction Reports and Analysis Center
Pusat Pelaporan dan Analisis Transaksi Keuangan
Agency overview
Formed2002 (2002)
JurisdictionGovernment of Indonesia
HeadquartersJalan Ir. Haji Juanda No.35, Kb. Klp., Gambir, Central Jakarta, Jakarta, Indonesia
Websitewww.ppatk.go.id

History

In 1997, Indonesia officially signed and ratified United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988. As one of signatory countries, Indonesia obliged to consider money laundering as criminal act and required to have measure to identify, trace, or confiscate money in relation to illicit traffic in narcotics drugs. At the same year, Asia/Pacific Group on Money Laundering is also founded, which Indonesia officially joined in 2000.[1]

The second Financial Action Task Force (FATF) report published in June 2001 and including a supplemental report in September, denoted Indonesia as one of non-cooperative countries. As response, Bank Indonesia issued Bank Indonesia Regulation No. 3/10/PBI/2001 on Know your customer principle, which requires financial institution to identify its customer and its transactional profile, and trace money source. And refer to this regulation, financial transaction reports and analysis is officially conducted by special investigation unit of Bank Indonesia.[1]

On the next year, Law No. 15 year 2002 regarding money laundering issued to further strengthen effort on combatting money laundering and INTRAC was officially formed.[2] Since 2010, INTRAC is regulated by Law No. 8 year 2010.[3] INTRAC's mandate was expanded in 2013 to provide information regarding terrorist financing by Law No. 9 year 2013.[4][5]

Task and Function

Task and Function of INTRAC are as follows:[1]

  1. Prevention of money laundering
  2. Data and information management
  3. Supervision of the compliance of the reporting parties dan
  4. Analyze or investigation of financial transactions that there are reasonable grounds to suspect are related to the commission of a money laundering offence or other crimes

INTRAC is authorized to:[1]

  1. Obtain data and information from government agencies and/or private institution which authorized to manage data and information
  2. Define guidance to identify suspicious transaction
  3. Coordinate with related party to prevent money laundering
  4. Recommend the government to prevent money laundering
  5. Represent the government in international organization or forum related to financial intelligence
  6. Provide training and education in money laundering prevention

References
  1. "Profile". ppatk.go.id. Retrieved 28 June 2017.
  2. "Undang-undang Republik Indonesia Nomor 15 tahun 2002 tentang Tindak Pidana Pencucian Uang". Law No. 15 of 2002 (in Indonesian). People's Representative Council.
  3. "Undang-undang Republik Indonesia Nomor 15 tahun 2002 tentang Pencegahan dan Pemberantasan Tindak Pidana Pencucian Uang". Law No. 8 of 2010 (in Indonesian). People's Representative Council.
  4. "Undang-undang Republik Indonesia Nomor 9 tahun 2013 tentang Pencegahan dan Pemberantasan Tindak Pidana Pendanaan Terorisme". Article 13, Law No. 9 of 2013 (in Indonesian). People's Representative Council.
  5. Ahmad Ifham Sholihin (2010). Buku pintar ekonomi syariah. PT Gramedia Pustaka Utama. ISBN 9-79225-707-1.


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