Money Laundering Scandal Through Crypto Assets Revealed! The value reaches 139 T

Bittime - Money Laundering Scandal Through Crypto Assets Exposed! The value reached 149 T. This news surprised many people, because the practice of laundering money through crypto assets is still relatively rare in Indonesia.

However, thanks to the investigation and patience of the authorities, the money laundering scandal via crypto assets was finally revealed. The following is a more detailed explanation.

Crypto Assets Are Prone to Becoming Money Laundering Places

As stated by many analysts, digital money or crypto assets are vulnerable to being used as money laundering instruments. 

It is estimated that the proceeds of crime in Indonesia may have been converted into crypto assets.

President Jokowi received this information and expressed his concern about modern money laundering practices involving crypto assets. 

Also read: KPK finds 2 state officials have crypto assets worth billions of Rupiah

Jokowi also emphasized the importance of optimal improvement in handling money laundering crimes (TPPU) in Indonesia, especially with a focus on crypto assets.

Apart from that, Jokowi said, "There is a new threat in the form of money laundering using digital technology. This includes virtual assets such as crypto and NFT , marketplace activities, electronic money, and artificial intelligence or AI," in the context of the 22nd anniversary of the National Anti-Laundering Movement Money and Prevention of Terrorism Financing (APU PPT) at the State Palace, Jakarta, on Wednesday (17/4/2024).

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What is Money Laundering?

Money laundering (TPPU) is an action to hide or launder the origin of funds or assets originating from illegal activities, such as corruption, fraud, narcotics, human trafficking, etc., so that the funds or assets appear to come from legitimate activities or legal. 

In the legal context in Indonesia, money laundering is regulated by Law Number 8 of 2010 concerning Prevention and Eradication of the Crime of Money Laundering (UU TPPU).

The crime of money laundering can be subject to serious criminal sanctions, including imprisonment and fines, in order to protect the integrity of national finances and prevent crimes related to proceeds of crime.

Money Laundering Scandal via Crypto Assets by TPPU Perpetrators

President Jokowi expressed the seriousness of the issue of money laundering through crypto assets by referring to Crypto Crime Report data which recorded indications of reaching 8.6 billion US dollars in 2022, equivalent to IDR 139 trillion globally.

"In this era of fast technology, according to the Crypto Crime Report, there are indications of money laundering through crypto assets amounting to 8.6 billion US dollars in 2022, equivalent to IDR 139 trillion globally. This is not a small figure, but very large," said Jokowi .

Also Read: Urgent! Immediately evaluate crypto taxes in Indonesia which are too high

Jokowi also submitted a request to law enforcement officials to build global cooperation to strengthen regulations and transparency. 

Jokowi stressed the need for indiscriminate law enforcement and optimal use of technology in dealing with this problem.

Also Read How To Buy Crypto:

President Pushes for Asset Confiscation Law

Jokowi emphasized that perpetrators of money laundering crimes continue to look for new ways to deceive law enforcement.

Therefore, we must always be at the forefront and must not lose in the face of technological advances used by criminals. We have to move quickly and be one step ahead of them so as not to be left behind.

Jokowi also emphasized the importance of maximum efforts to save and restore state funds.

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One step is to speed up the process of formulating regulations regarding asset confiscation through a law submitted to the DPR. 

This is done to restore ownership that should belong to the state and the people.

Jokowi emphasized that all parties who violate the law must be responsible for the losses experienced by the state.

Also read: Crypto Tax MoU between Indonesia and Australia, a new step

Therefore, Jokowi emphasized the importance of handling money laundering crimes (TPPU) thoroughly. 

Apart from that, he appreciated Indonesia's appointment as a full member of the Financial Action Task Force on Money Laundering and Terrorist Financing (FATF) since October last year.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.