, JAKARTA: The government will immediately issue a Presidential Regulation (Perpres) regarding companies’ beneficial ownership by the end of this year.

Ministry of National Development Planning Staff for Institutional Affairs Diani Sadia Wati revealed that the Presidential Decree is being finalized at the government level.

“Now it is indeed in a joint process between ministries, led by Indonesian Financial Transaction Reports and Analysis Center (PPATK),” he said after a press conference on the Global Transparency of Beneficial Ownership, Monday (23/10).

He is sure that this Presidential Decree can be completed soon and go hand in hand with the Directorate General of Taxes program related to information disclosure, Automatic Exchange of Information (AEoI). After the Presidential Decree was issued, he said that the beneficial ownership database could only be opened.

The Presidential Decree on the ownership of beneficiary companies or beneficial ownership (BO) will later regulate the obligation to disclose shares/companies’ ownership in all industries, not only in the extractive sector.

“There will be provisions with steps from the previous regulations, not only extractive industries but also more general, covering more areas related to terrorism financing, then money laundering, because these are interrelated with one another,” he explained. Diani.

To implement Beneficial Ownership transparency in all industrial sectors, he said the government needs to collaborate with all parties such as the Ministry of Finance, Bappenas, Corruption Eradication Commission (KPK), Financial Services Authority (OJK), Bank Indonesia, considering that regulations related to disclosure of share ownership or beneficiaries are still scattered in several of these ministries and institutions.

One of the supporters of the implementation of the Beneficial Ownership is the revision of the Banking Confidentiality Law, which will soon be included in the national legislation program (Prolegnas).

“In this context, we will review the Banking Confidentiality Law. This will be leveled so there is no deadlock, “he said. Not only that, but the implementation of this Beneficial Ownership also requires support from the Business Entity Bill related to CV and Firm registration regulations.

Related to this, he hopes that the Banking Confidentiality Law can be discussed by The House of Representatives (DPR) as soon as possible, seeing that the legislative body’s commitment is quite large. After being approved by the House of Representatives (DPR), he added that the government is ready to accelerate the bank secrecy implementation.