The deliberation of the draft bill, which is aimed at limiting cash transactions and preventing corruption practices ahead of next year’s general elections, has stalled in the House of Representatives.
“We hope it can be deliberated soon and that it can be included in the National Legislation Program [Prolegnas] because it doesn’t contain many articles. We hope it can be finalized before the 2014 general elections,” Financial Transaction Reports and Analysis Center (PPATK) deputy chairman Agus Santoso said in Jakarta on Saturday.
Agus said the law, which limits cash transactions, was needed to create a clean general election because it is believed that cash flow ahead of the elections would be high.
But so far, the deliberation process of the bill at the parliament was still slow because the draft has not been harmonized with the academic documents.
Agus said the PPATK was seeking to implement the International Fund Transfer Instruction (IFTI) reporting system so that the PPATK could obtain the database of all bank customers. Such move is considered important to prevent any money-laundering practices.
“So that we can trace the donations to certain people from financial service providers such as banks, non-banks, and capital markets. All this time we don’t have a database, we only have transaction reports. Hopefully [the new system] can be implemented by Feb. 14, 2014,” he said.
Agus said the PPATK was also waiting for a follow up on a memorandum of understanding it signed with the General Elections Committee (KPU) that would require political parties and legislative candidates to submit their campaign fund reports to the PPATK.