PPATK Sees Signs of Money Laundering through Digital Currencies

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  • Digital currency, Bitcoins. REUTERS/Jim Urquhart

    Digital currency, Bitcoins. REUTERS/Jim Urquhart

    TEMPO.CO, Jakarta - The Center for Financial Transaction Reporting and Analysis (PPATK) discovered indications of money laundering through digital currency. The official says the indication was successfully tracked because transactions in digital currency are still done through conventional banks.

    "There are some (indications) that we saw," PPATK acting director for transaction analysis Danang Tri Hartono said in Jakarta, Tuesday, Dec. 19.

    Danang confirmed that the indications of money laundering came from corruption and terrorism. He was unwilling to specify which digital currency providers that were indicated to have practiced money laundering, and said the agency is still investigating deeper.

    Read: Korean Cryptocurrency Exchange to File for Bankruptcy

    Bank Indonesia (BI) has prohibited the use of digital currency as a means of payment, and threatened violators with sanctions.  However, the Financial Services Authority (OJK) have not made a firm stance over the use of digital currency as an investment instrument.

    OJK director of digital financial innovation Fithri Hadi said that digital currencies such as Bitcoin as "the assets of the present era." Nevertheless, the OJK asserted that they will release a rule that mandates investment using digital currencies. 

    To date, the practice of using digital currency in Indonesia is still ongoing. One type of digital currency is quite famous in Indonesia, Bitcoin, with an exchange rate reaching Rp258.8 million per coin. In its official website, bitcoin.co.id, it is said 761,314 people have joined as members.

    Read: BI Prohibits Bitcoin Transactions

    PPATK chief Kiagus Ahmad Badaruddin said the practice of money laundering using digital currencies such as Bitcoin is indeed possible. 

    Meanwhile, his deputy Dian Ediana Rae said that PPATK, OJK, and BI have been cooperating intensively to investigate the use of digital currency for money laundering. "Don't worry. We will track them down," he said.  

    Fajar Pebrianto