OJK: Illegal P2P Lending Could Be Money Laundering Front

By Editorial Team 18/10/2021
money laundering
Summary

The Financial Services Authority's (OJK) Investment Alert Task Force discovered some worrying facts about illegal peer-to-peer (P2P) lending companies in Indonesia. For example, the debt collection method is often unethical, such as through online harassment or terror against victims.

"There are also money laundering indications, yes, from outside [the country] to here [Indonesia]," the task force's chairman Tongam L Tobing revealed on Saturday. Most of them also aspire to make big profits in doing their businesses. OJK's investigation revealed that only 22 percent of thousands of illegal P2P lending firms that had been blocked operated servers locally. Another 34 percent are overseas, while the remaining 44 percent remain unknown.

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