Draft Bill on the Restriction of Hard-Cash Transactions

In a bid to support measures which have been introduced in order to combat money laundering, as well as to support national non-cash and inclusive financial policies, the government and the House of Representatives (“House”) are currently formulating the Draft Bill on the Restriction of Hard-Cash Transactions (“2017 Draft Bill”).Hard-cash transactions are defined as any activities which consist of withdrawals, disbursements, payments, gifts, sales and other activities which utilize hard-cash in the form of banknotes or coins, either in IDR or foreign currencies. [1] In regard to this restriction, the 2017 Draft Bill encompasses the following provisions: