Bank Indonesia Rule on FX Banknotes to Prevent Money Laundering
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
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BI IJ (Bank Indonesia)
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UUID: 7947283
(Bloomberg) -- Carrying foreign banknotes equivalent to 1b rupiah or more into and out of the country can only be done by licensed bodies, including banks or registered money changers, central bank says on the rule signed on May 5 in a statement in Jakarta.
- Rule is meant to prevent money laundering considering large crossborder activity using banknotes coupled with limited information available to the monetary authority
- Rule will support effectiveness of central bank’s monetary policy, especially in overseeing the exchange rate
- Rule will be effective March 5, 2018, with sanctions to come into effect on May 7, 2018
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
BI IJ (Bank Indonesia)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283