Tempo Interaktif reports that steps are underway to tighten controls on money changers in Bali to improve service and reduce the possibility of money laundering.
Among the steps underway are the issuance of an official logo for display by licensed money changers and a set of know you client procedures requiring those seeking exchange services to prove their true identity.
The Vice Chairman of the Center for the Reporting and Analysis of Financial Transactions (PPATK), Susno Suaji, said, "we hope to get a report on every suspicious financial transaction that takes place."
Suaji said that beginning in 2008 the PPATK will take stern steps against money changers who fail to report their financial transactions including imposing punishments of up to 5 years in prison for transactions traced to money laundering activities.
The Chairman of the Bali Money Changers Association, Made Suparta Karang, said he is prepared to support any steps to control money-laundering. There are currently 494 registered money changers in Bali with still many more illegal money changers operating across the Island.
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