Cooperation Expected to Build Effective Communication between OJK and AGO

Jun 3 2016
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Financial Services Authority, Jakarta, June 3, 2016: The Financial Services Authority (OJK) and the Attorney General's Office (AGO) of the Republic of Indonesia signed a memorandum of understanding (MoU) as part of the efforts to boost cooperation in dealing with crimes in the financial services sector. In his opening remarks, Chairman of OJK's Board of Commissioners Muliaman D. Hadad expected the cooperation would become effective means of communication between the two institutions concerning investigation assistance prior to dossiers submission to Public Prosecutors, and compliance with requirements for witnesses, experts, as well as resource persons in the financial services sector.

Cooperation between the OJK and the AGO has been established through the presence of OJK's representatives as resource persons in training held for prosecutors. To build closer cooperation, the AGO is expected to assign prosecutors to the OJK in order to accelerate the process of handing over dossiers to public prosecutors.​

"I am optimistic that the OJK and the Attorney General's Office (AGO) of the Republic of Indonesia can synergize towards faster law enforcement process in the financial services industry," Muliaman said.​

Next, the MoU would be followed up by a cooperation agreement, as the basis for implementing the activities stated within the MoU's scope in a more concrete manner. ​

The OJK Chairman also said that the financial services industry played a critical role in generating national economic growth and public welfare equality. It is an industry that relies heavily on public trust. ​

"The financial services industry can play its role and develop well if we can maintain the trust of the public that the money they put or invest in the industry is taken care of and properly managed, and protected from any misuse by management/other parties, which is commonly known as fraud and illegal investments," he added.​

Moreover, on one hand, the rapid technology development that has become even more complicated is good news, as it offers various products more suitable for public needs and provides more expansive and efficient distribution channels for the public, through which they can access financial products.​

On the other hand, such development has also raised concerns of misuse by the management who could commit fraud or offer illegal financial products or illegal investments—normally called bogus investments—that exploit the public's low financial literacy rate.

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