Close
Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Taking Out the Wash
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Taking Out the Wash

New Rules Requiring Reporting of Property and Luxury Good Transactions in Excess of US$55,500 Dollars May Complicate Life for Foreign Property Purchasers in Bali


Bali News: Taking Out the Wash
Click Image to Enlarge

(2/12/2012)

Commencing in March 2012 new regulations come into force, which could have far reaching effects on Bali’s real estate and property sectors.

As reported by NusaBali, all property agents and developers will be soon be required to report every transaction in excess of Rp. 500 million (US$55,500) to the PPATK (Indonesian Financial Transaction Reports and Analysis Center/INTRAC).

INTRAC is an independent agency of the government – answerable directly to the President, established to detect and prevent criminal money-laundering transactions.

“On March 20, 2012 property agents and developers must report (transactions) to the PPTAK,” explained the vice-chairman of PPTAK, Agus Santoso.

According to Santoso, the regulation is based on Section 17 of Law Number 8 of 2010 on the Prevention and Elimination of Criminal Money Laundering. Under the rule, the party obliged to report the transaction is not the purchaser of a property, but the developer or the property agent.

“The obligation to report is contained in Section 27 of the Law that requires property transactions in excess of Rp. 500 million; whether paid in cash, non-cash means or paid for in installments,” explained Santoso who former job was as the Deputy-Director of Law at Bank Indonesia. The specific technical requirements of the regulation are set forth in PPATK Rule No. 12 of 2011.

Agus said the enforcement of the new rule is needed to monitor the purchase of land and luxury transactions that are often used to shield funds obtained through criminal activities.

Implicit in the new rule is the assumption that the government will soon require “reverse proof” from purchasers of property and luxury items that demonstrate the legally-earned financial wherewithal to make such purchases.

In Bali, these new rules may complicate the widespread use extra-legal practice of placing a business or a property in the name of a 3rd party, while also putting in place legal instruments  that allow the purchased item to be under the control by the foreign owner who financed the purchase.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.


 
UBUD WRITERS & READERS FESTIVAL
 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Plain Spoken about Tourism
President-elect Joko Widodo Speaks to Bali About Tourism
(9/1/2014)
Bali Training the World’s Green Leaders
UN Secretary Ban Ki-Moon Visits Bali’s Green School and Praises it Revolutionary Commitment to Sustainability
(9/1/2014)
Walk a Mile in Their Shoes
Macbeth Footwear Teams Up with Solemen to Donate Shoes for the Poor
(8/31/2014)
Gypsy at the Wheel
Widespread Violation of Laws on Taxi Meter Use Damaging the Reputation of Bali as a Tourism Destination
(9/1/2014)
It's a Jungle Out There
Denpasar Zoning and Building Authorities Falling Miserably in the Enforcement of the Law
(9/1/2014)
Tough Rules for Hotel Permits in Kuta, Bali
Bali Stops Hotels on Postage Stamp-Sized Pieces of Land in Kuta
(9/1/2014)
For Fans of Fantinel
Six Outstanding Courses and Paired Wines from Fantinel of Northeast Italy at Ju-Ma-Na Restaurant – Banyan Tree Ungasan, Bali on Friday, September 19, 2014
(8/31/2014)
A Park for Pedestrians
Pedestrian Underpass at Ngurah Rai Monument at Bali Airport Set to Open in Early 2015
(8/31/2014)
We've Got Rhythm!
Bali's Famous and Inspiring Kecak Dance Has a Rich and Varied History
(8/31/2014)
Run for Someone Else’s Life
14th Chapter of Hard Rock Hotel Bali Rock ‘N Run 5 Kilometer Fun Run Sunday, November 2, 2014
(8/31/2014)
In Style and Safety to Gili Trawangan
Bounty Cruises Mounts Luxury Daily Departures from Bali to Gili Trawangan
(8/29/2014)
In Urgent Need of Connections
PLTU Celukan Bawang Aiming to Start Producing Electrical Power for Bali in December 2014 - a Year Behind Schedule
(8/31/2014)
All [News]!
 
Tourism and Transport Tourism Agents