Here's What You Need to Know about the Financial Sector Omnibus Law

By Editorial Team 16/12/2022
Drafts of law
Summary

The House of Representatives (DPR) and the government passed the Financial Sector Development and Strengthening bill into law on Thursday. Finance Minister Sri Mulyani said the passage of the PPSK Law proves that the government and the House are serious about implementing financial sector reform. "Financial reform is a prerequisite for building a dynamic, robust, independent, and equitable Indonesian economy," Indrawati said.

She said the passage of the omnibus law on the financial sector marked an effort to complete one of the reform agendas. The PPSK Law amends 17 regulations related to the financial sector that has been in effect for a long time, some up to 30 years. In addition, the PPSK Law is a follow-up of comprehensive reforms such as the Law on Job Creation, the Tax Regulations Harmonization law, and the Law on Central Government-Regional Governments relations.

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