Updated Provisions on the Management of Sunken Ship Cargoes Introduced

In an effort to optimize the management of sunken ship cargoes (Benda Muatan Kapal Tenggelam– “ BMKT ”) and to ensure that said management is undertaken in line with current developments and legal requirements, the government has decided to revise provisions on BMKT management through the issuance of Regulation of the President No. 8 of 2023 on the Management of Sunken Ship Cargoes (“ Regulation 8/2023 ”). [1] Upon entering into force, Regulation 8/2023 simultaneously repealed and replaced the following legal frameworks: [2]