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Weak Enforcement in the Face of Illegal Money Changers

At least 150 Illegal Money Changers Still Operating in Bali as they Ignore Police Raids and Business Closures


Bali News: Bali, moneychangers, Bank Indonesia
Click Image to Enlarge

(6/18/2017)

The Denpasar branch of Bank Indonesia (BI) estimates that despite raids conducted with police in Bali on April 10-12, 2017 that saw 47 illegal moneychangers closed; there remain more than 150 unregistered moneychangers still operating on the Island of Bali.

Bisnis Bali quotes a BI official, Causa Iman Karana, who said on Monday, June 12, 2017, “The number (of illegal money changers) can change depending on the level of foreign tourists.”

Karana said that many illegal money changers are involved in committing fraud against visiting tourist and, as such, do not need a permanent place of business, being able to put up a rate board and set up shop in an art shop, a gallery or a tour office.

The Bank officials lamented that of the 47 illegal money changers put under seal on April, 5 have obtained a license, 1 was refused a license, 1 has a license under process and the remainder have mostly removed the closure sticker installed by police and resumed their illegal operations.

Bank Indonesia said they would continue to cooperate with police in Bali to close illegal moneychangers.

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