Arrangements for Reporting Suspicious Financial Transactions by Notaries to the Financial Transaction Analysis Reporting Center

DOI

10.2991/978-2-494069-93-0_6How to use a DOI?

Keywords

Notary; Reporting; Suspicious Financial Transactions

Abstract

Notaries are independent public servants who can do their jobs without supervision. The powers granted to a notary by Law No. 2 of 2014 on Amendments to Law No. 30 of 2004 Regarding the Position of Notary are in addition to those granted to a notary by existing laws. As part of their standard procedures, notaries must notify the Financial Transaction Reports and Analysis Center of any suspicious financial dealings. It is absurd that as these obligations increase, there is not corresponding rise in authority to ensure their proper and efficient performance. The purpose of this research is to analyze how Law No. 8 of 2010 on the Prevention and Eradication of the Crime of Money Laundering Act is being put into practice with regards to the notary’s responsibility to report suspicious transactions involving the use of notary services. Minister of Law and Human Rights Regulation No. 9 of 2017 Concerning the Application of the Principles of Recognizing Service Users for Notaries and Analyzing the Authority of a Notary to Carry Out These Obligations, and Government Regulation No. 43 of 2015 Regarding Reporting Parties in the Prevention and Eradication of the Crime of Money Laundering. Despite the fact that the study’s findings show that appointing a notary as the reporting party does not jeopardize the notary’s impartiality, the notary is often not given the ability to perform the reporting obligation because it is seen as too onerous. A change to the Notary Position Act and the delegation of explicit authority is required in order to name a notary as the reporting party.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Dewa Made Antara
AU  - I. Nyoman Budiartha
AU  - Putu Ayu Sriasih Wesna
PY  - 2023
DA  - 2023/01/25
TI  - Arrangements for Reporting Suspicious Financial Transactions by Notaries to the Financial Transaction Analysis Reporting Center
BT  - Proceedings of the 3rd International Conference on Business Law and Local Wisdom in Tourism (ICBLT 2022)
PB  - Atlantis Press
SP  - 35
EP  - 49
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-494069-93-0_6
DO  - 10.2991/978-2-494069-93-0_6
ID  - Antara2023
ER  -