Money laundering with bitcoin, that’s the plan


Jakarta, duniafintech.com – Today’s Bitcoin News Reviews about Money Laundering Actions Performed with Bitcoin or BTC.

Then, the Financial Transactions Analysis and Reporting Center (PPATK) responded. Appropriate measures will be taken to anticipate crimes in the financial sector.

So what is the PPATK plan, here is a review summarized in today’s Bitcoin news.

Bitcoin Money Laundering, PPATK Says – Bitcoin News Today

The head of the Financial Transactions Reporting and Analysis Center, or PPATK, Ivan Yustiavananda, said digitization can accelerate money laundering (TPPU) crime, as well as have a positive impact on economic growth.

“If digitization is not abused in money laundering crimes, regulations should not be grey, supervisory institutions should be clear, and law enforcement should be adequate. Otherwise, digitization will only disrupt the Indonesian economy,” Ivan said in A webinar entitled “Towards a Cashless Society” was launched from Tempo.coOn Wednesday (14/9/2022).

He said that currently, money laundering crimes have started to take action through the use of digital financial products such as bitcoin so that it is difficult to detect, especially in Indonesia, bitcoin is one of the assets that have just been regulated by CoFTRA.

“PPATK should be used so that it can detect money laundering crimes that take advantage of digital developments and thus banks can also report to the PPATK,” he said.

In addition, cash money laundering transactions are still in progress so PPATK has asked to restrict cash money transactions, but this rule has not yet been implemented.

“PPATK has tried to lobby for the bill to be passed, so if there is a purchase of the land, the cash payment is only 25 million rupees, and the rest is using a system like the banking system,” he said.

PPATK currently receives at least 50,000 transaction reports per hour, which is over 80 in the form of cash transactions.

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In 2020, PPATK received 1.37 million individual transaction reports worth IDR 19.38 trillion and nearly 4 million corporate reports worth IDR 13 thousand trillion.

Bitcoin news today

Bitcoin Money Laundering Situation Tracked – Today’s Bitcoin News

On the other hand, from the information collected, the situation of money laundering through Bitcoin has existed in Indonesia since 2015. However, this does not mean that similar situations cannot be traced.

Currently, there is a special technology used to keep track of this mode called Distributed Ledger Technology (DLT).

DLT technology tracks the money laundering situation through crypto assets or Bitcoin.

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release Compass.comFirst, this technology is able to record all financial transactions, whether real or disguised using certain technological facilities.

All transactions are recorded in a blockchain or an online ledger.

So, basically, all transactions, whether real or disguised, are recorded on the online blockchain. But technology is not enough. Must be supported by a human resources (HR) preparation to assist the DLT in carrying out their duties.

In terms of handling cases of bitcoin asset laundering, PPATK will of course cooperate with the regulator, the Commodity Futures Trading Supervision Agency (CoFTRA) if there are domestic transactions in this situation.

PPATK also oversees the flow of virtual money and crypto to NFT

With regard to digital financial transactions, the PPATK also plays a role in supervising and preventing various financial flows, including virtual financial transactions.

PPATK sees that there has been a shift in the crime of money laundering (TPPU), terrorist financing, proliferation (armed criminal groups), corruption to drugs, which originally used illegal sources such as theft, criminalization and violence, and now use legitimate humanitarian or commercial fundraising programs.

“For this reason, the PPATK seeks to improve the supervision and prevention of various money flows in Indonesia, including financial transactions in the virtual space,” PPATK Chairman Ivan Yustiavandana said at the third hearing of the Committee (RDP) of the House of Representatives in Parliament Complex, Senyan.

Therefore, Evan said, the use of virtual currencies loved by the public such as cryptocurrencies, blockchain, distributed ledger technology (DLT), peer-to-peer lending, and non-fungible tokens (NFT) is a challenge for PPATK to prevent. Elimination of criminal acts and the crime of money laundering.

Evan continued, one of the responses to mitigate risks and threats arising from emerging technology such as crypto-asset trading is that PPATK and the Commodity Futures Trading Regulatory Agency (CoFTRA) will conduct joint compliance monitoring or joint audits on potential physical cryptocurrency traders. Crypto-asset exchanges. In 2022 this.

“The audit aims to comply and ensure that each virtual exchange has correctly implemented the five pillars of APU PPT (Anti-Money Laundering and Preventing the Financing of Terrorism),” he said.

This is the review on today’s Bitcoin news. We hope this information is useful to you.

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Read on for the latest Indonesian fintech and crypto news only at Duniafintech.com.

Author: Contributor / Shuhada Banji A



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