The regulation on transparency of beneficial ownership has finally seen the light of day. In addition to preventing money laundering and terrorism, it helps enforce the transparency of taxation information. Nevertheless, its implementation and supervision will not run effectively without verification and penalties.
Presidential Regulation No 13/2018 on Principle on Beneficial Ownership in the effort of Preventing and Eliminating Money Laundering and Terrorism Act was signed by President Joko Widodo on 1 March 2018. It was officially ratified by the Ministry of Law and Human Rights on 5 March 2018.