Pictured on the left is one of Citadel Advantage’s Principal Associates, Richard Barr, “in action” at the Indonesian central Bank in Jakarta. Richard was there recently as a member of the United States’ Financial Services Volunteer Corps (FSVC) team. Since 2014, FSVC has been working with the central bank of Indonesia, Bank Indonesia (BI), to strengthen its capacity for anti-money laundering/combating the financing of terrorism (AML/CFT). Indonesia's porous coastlines and geographic location pose specific money laundering and terrorist finance threats. Improving financial integrity by eliminating such threats encourages foreign investment and fosters a safer and more secure environment for citizens.
FSVC, with support from the U.S. Department of State, most recently conducted a workshop for staff members of BI's National Payments Division. The workshop covered basic AML/CFT principles, but focused specifically on money laundering/terrorist finance threats posed by payment products such as mobile money transfers and credit, debit and pre-paid cards. These products are commonly used to promote financial inclusion throughout Indonesia but require additional AML/CFT supervisory considerations. The workshop also addressed several key issues pertaining to unregulated money remittance providers, an increasing area of concern for regulators in Indonesia.