Provisions on the Oversight of the Carriage of Hard Cash through Customs Areas Redefined

The Minister of Finance (“ Minister ”) recently issued Regulation (“ Amendment ”), which amends Regulation of the Minister on Procedures for Notifications and Oversight and Indicators of Suspicion for the Carriage of Hard Cash and/or Other Payment Instruments, as Well as the Imposition of Administrative Sanctions and State Treasury Deposits (“ Regulation 157/2017 ”). [1] The Amendment aims to synchronize the various provisions which address the carriage of foreign banknotes into or out Indonesian customs territory, [2] an area which is currently controlled under Regulation of Bank Indonesia (“ BI ”) on the Carriage of Foreign Banknotes into and out of Indonesian Customs Territory, as amended by Regulation of BI (“ BI Regulation 20/2018 ”). [3] In essence, the Amendment redefines several provisions which pertain to the following matters: