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Bali's Property Deals Used for Money Laundering?

Property Companies and Agent Reminded of Legal Obligation to Report Any Transactions in Which Money Laundering is Suspected.


Bali News: Bali's Property Deals Used for Money Laundering?
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(4/16/2011)

The Center for the Reporting and Analysis of Financial Transactions (PPATK) says property companies must report whenever they suspect criminality, such as money laundering, is part of a property sale.

As reported by Bisnis.com, the Anti-Money Laundering Law Number 8 of 2010 puts the responsibility for reporting suspicious financial transaction in the property sector on the shoulders of 20 different professions including property companies and property agencies. Natsir Kongah, the spokesman of the PPTAK, said: "They (property companies and properly agents) are required to report suspicions of money laundering to the PPTAK as set forth in the law. The property sector is suspected of having close connections with illegal gains from earlier transactions."

Speaking to the press, Natsir went on to elaborate a number of examples from the past when property transactions were later proved to have involved corrupted public funds.

Natsir said the PPATK is preparing a handbook entitled "Know Your Customer" for property companies' use in preventing the movement of illicit funds.


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