Jakarta (ANTARA News) - Indonesia through the Financial Transaction Analysis and Report Center (PPATK) forged cooperation with the financial intellegence agencies of Cayman Island and South Africa in preventing and combating money laundering.
A spokesman for PPATK, Natsir Kongah, said here on Monday that the cooperation agreements were strategic, considering that Caymand Island was one of the biggest financial centers in the world, while South Africa was also the biggest financial center on the African continent.
The signing of documents of agreement between PPATK and Financial Reporting Authority (CAYFIN) of Caymand Island and the Financial Intelligence Center of South Africa was believed to be decisive to strengthen international cooperation often conducted by the respective countries in promoting the exchange of information especially on money laundering and other crimes.
Caymand Island, an island resort discovered by Christopher Columbus on May 10, 1503, was well-known as one of the world`s five biggest financial centers. At least 350 banks and trust companies are operating there with around one trillion US dollars circulating in the region.
This small country is also a place of 8,000 mutual funds and 65,000 corporations. Around 1,000 companies have listed their shares at the Caymand Island`s Stock Exchange.
According to Natsir, the procedure of PPATK cooperation with CAYFIN and FIC was based on article 25, point 3, 2002 of the revised law No 25, 2003 on money laundering which allowed PPATK to prevent and combat money laundering under cooperation with other relevant national and international parties.
The cooperation was an effort to strengthen the close relations with the internatioal world especially Caymand Island and South Africa as members of the Egmont Group.
The substance of the agreement has to do with cooperation in the exchange of financial intelligence information relating to the prevention and eradication of money laundering and the funding of terrorist groups.
Information is credential in nature and it is also an obligation of each institution to maintain the credentiality of the information, which should not be made as evidence at a court of law, and could be passed on to other parties without written approval from the owners of the information or institutions.(*)
Copyright © 2006 ANTARA , December 12, 2006
http://www.antara.co.id/en/seenws/?id=24616
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