Indonesia, Cayman and South Africa co-operate to combat money laundering
The agreement has been signed between the Indonesian anti-money laundering watchdog and the Cayman Islands and South Africa. The agreement provides for exchanging financial intelligence and helping to fight the terrorist financing.
The cooperation of these countries is quite strategic, especially, taking into consideration the fact that Cayman is one of the world’s major financial centres. South Africa is also a key financial centre in the African region.
The cooperation agreements with the Cayman Islands’ Financial Reporting Authority and South Africa’s Financial Intelligence Centre include the exchange of financial intelligence connected with money laundering and terrorist financing.
Indonesia launched its Centre for Financial Transaction Reporting and Analysis (PPATK) in October 2003 in order to help fight money laundering. The centre has already entered similar agreements with 17 financial intelligence agencies.
It should be noted that after a year of being closely monitored, in February 2006, Indonesia was removed from the list of non-cooperative countries of the inter-governmental FATF, which believed the country was making sustainable efforts in combating money laundering and terrorist financing.