Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Bali: A 'Heaven' for Money Laundering?
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Bali: A 'Heaven' for Money Laundering?

Bank Indonesia Official Points to Bali's Property Sector as Ripe for Potential Abuse by Money Launderers.


Bali News: Money laundering Bali, Viraguna Bagoes Oka, Bank Indonesia, bank transfers Bali, Center the Analysis of Financial Transactions, PPATK, Bambang Permantoro
Click Image to Enlarge

(7/18/2009)

Both BisnisBali and the Bali Post carry articles suggesting Bali has earned the dubious distinction of becoming a "heaven" for money launderers.

The Head of the Bali branch of Bank Indonesia, Drs. Viraguna Bagoes Oka, speaking at a meeting on money laundering, said, "the potential (for money laundering) is very high in Bali, especially in light of the high level of investment activity."

The Bank Indonesia official blamed imperfections in current "anti-money laundering" regulations for fostering these activities in the banking, hotel, foreign exchange and property sectors. "Transactions in the property sector are both numerous and large, with participants coming from various places," he explained.

Viraguna called on his colleagues in the banking sector to act firmly in supervising and preventing money laundering in Bali.

He also bemoaned the effects of money laundering on Indonesia's economy, society and law. "I call on banks to obtain detailed information on those making sizeable transactions," he said.

When asked about the modus operandi for money laundering in Bali, Viraguna said tracking such activities is difficult. Such illegal transactions are often broken down into smaller amounts, using a wide number of brokers and nominees. To counteract these problems he called for clear personal identification, ensuring people do not employ two different sets of identity papers.

Separately, the Vice-Chairman of the Law and Enforcement for the Center the Analysis of Financial Transactions (PPATK), Bambang Permantoro, highlighted property transactions as being ripe with opportunity for money laundering activities. To date, PPATK has referred over 700 cases of money laundering to the police for prosecution.

Bambang told the press that while new technology has widened the opportunities for money laundering, that same technology has also opened new avenues for law enforcement officials to track such activities.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.

       

 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Showdown Ahead?
Groundswell of Opposition to Benoa Bay Reclamation Grows with Long March Through Downtown Denpasar on Sunday, May 22, 2016
(5/23/2016)
Something Fishy Going On
Two Celebrity Chefs Join Forces for a Lunchtime Seafood Fest in Ubud on Friday, May 27, 2016
(5/23/2016)
A Royal Obligation to Serve
Denpasar King Seized by Prosecutors to Begin Serving a 2.5 Year Prison Sentence for Fraud
(5/23/2016)
Pre-Dawn Fatal Crash
Melbourne Man Dies in Collision with Rubbish Truck
(5/23/2016)
And if Dreams Come True . . .
Join an Enchanted Day to Teach Children How to Make Fairy Houses on Sunday, May 29, 2016 at Trans Resort Bali
(5/23/2016)
Just a Month Away
Bali and Beyond Travel Fair in Final Count Down to Opening on June 22, 2016
(5/23/2016)
Stop Only Outside of the Box
Denpasar, Bali Police Introducing Yellow Box Junctions to Reduce Traffic Gridlock
(5/23/2016)
Ate Like Primate
Bali Zoo Offers Breakfast with the Orangutan
(5/23/2016)
The Indonesian Tourism Bucket List
TripAdvisor 2016 List of Most Popular Tourism Landmarks Dominated by Bali
(5/23/2016)
Avoiding Mayhem and Disaster
Bali Officials Study Disaster Mitigation In Darwin, Australia
(5/23/2016)
In Xanadu
Australian Property Developer Sent to Jail in Bali for Property Fraud
(5/23/2016)
Retaliation or Cost Saving
Lion Air Suspends 227 Flights Over One Month Period
(5/23/2016)
All [News]!