TEMPO.CO, Jakarta - The Financial Transaction Reports and Analysis Center (PPATK) will seek to ban cash transactions worth more than Rp100 million. The agency will also make the rule part of the Draft Law (RUU) on Currency Transactions Restriction.
PPATK chairman Kiagus Ahmad Badaruddin said on Thursday that the bill had actually been a discussion at the beginning of last year. However, PPATK has not discussed the bill intensively with the House of Representatives (DPR) due to the unstable political situation at the time.
"This bill should be able to become a law; as a preventive method to reduce money laundering and briberies which ultimately results in the KPK's arrest through sting operations," he said.
He asserted that the ratification of this bill is increasingly necessary, given the rampant circulation of cash money in Singapore dollars, Malaysian ringgit and US dollars—coming in and out of Indonesia.
In addition, the methods of money laundering are becoming more complicated and difficult to read.
"Money laundering activities make the movements of capital, people, goods and services unclear beyond national borders," Kiagus said.
Kiagus added that the PPATK had conducted intensive discussions related to this bill with a number of parties, including Bank Indonesia and the KPK.
The bill will cap cash transactions to a maximum of Rp100 million; with the exception of several parties such as retail businesses and districts that do not support non-cash transactions.
"We are targeting this law to pass by 2020 at the soonest," Kiagus said.