PPATK - JAKARTA. Indonesia's financial authorities are investigating a report that Indonesians with ties to the Indonesian Military (TNI) had wired US$1.4 billion to accounts managed by the UK-based bank Standard Chartered.
The Financial Transaction Reports and Analysis Centre (PPATK) said it was working closely with relevant law enforcement agencies to corroborate the report.
“We are communicating with relevant parties to investigate the case,” PPATK chairman Kiagus Ahmad Badaruddin told The Jakarta Post on Sunday.
Asked if the PPATK would investigate details as to who the individuals were involved in the reported transactions, Kiagus said the agency had attained records of the transactions in the accounts in question.
Bloomberg news wire previously reported that some Indonesian clients, including some believed to have links to the military, had transferred a total $1.4 billion to Singapore from Guernsey in late 2015, months before the Guernsey adopted the Common Reporting Standard, a global framework for exchange of tax data.
Bloomberg’s sources in Guernsey highlighted there were disparities between the earnings of some customers and balances in their accounts, with clients, in the most egregious case, had a stated annual income of tens of thousands of dollars yet held tens of millions in their accounts.
