General Lecture with The Financial Services Authority
Thursday, March 22, 2018- The Financial Services Authority (Otoritas Jasa Keuangan—OJK) delivered socialization at the Faculty of Law, Universitas Indonesia. This is an OJK teaching program, that is an OJK program in sharing experiences to the general public. The socialization was presented during Banking Law Lecture.
In this socialization, among the speakers were Deputy Director of Anti Money Laundering and Counter Terrorism Financing Group of Financial Services Authority Mr. Rinto Teguh Santoso and Junior Analyst of Anti Money Laundering and Counterterrorism Financing Group of Financial Services Authority Mr. Rifki Arif Budianto.
The speakers explained about money laundering. It is a common knowledge that money laundering is often linked with corruption, whereas money laundering is not only related to the outcome of corruption but in fact money laundering is an attempt to conceal or disguise the origin of money / funds or wealth of the proceeds of crime through various financial transactions for money or wealth so as to appear to be derived from legitimate activities.
An example of money laundering is a drug dealer opening a car wash business. Any result of drug transactions, he mixed his money into car wash payment transactions so as if all the money earned is from the car wash.
More details, the way is as follows, the drug dealer every month can get money from drug sales of 9 million, then the money is ‘laundered’ per day for 300 thousand rupiah. Suppose in a car wash business, per day there are 100 cars washed, with the cost of car washing 10 thousand, then it the car wash should get 1 million per day, so that the drug money can look as if it originates from car washing business, then in the income book written that the washing car per day gets 1.3 million, well, if traced further, it will be recorded that in a day there are 130 customers. Thirty customers added are fictitious.
