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    Bank of Indonesia (BI) Collaborated with Indonesian National Police Curbed Illegal Foreign Exchange Operations (KUPVA)


    BANDUNG–Bank of Indonesia (BI) of West Java were in collaboration with Indonesian National Police and Indonesian Financial Transaction Reports and Analysis Center (PPATK) in monitoring the existence of Non-Bank Foreign Exchange Operations (KUPVA-BB) after April 7th 2017.

    Deputy of BI for West Java, Ismet Inono, said that starting from April 7th 2017, all illegal KUPVA-BB should close their business, until the business lisence issued by BI.

    "We already coordinated with relevant authorities, if they still find illegal KUPVA-BB that operate would be dealt with by the local department of industry and commerce and central BI," he emphasised.

    However, it did not mean that after April 7th 2017 any KUPVA-BB that ddi not have business lisence yet could not open a business. They still could open a business if they had good intention to legalise their businesses by registering their businesses to BI.

    "The illegal KUPVA-BB is usually concurrent with gold shops, clothing stores, hotels, and even street vendors. After April 7th 2017, all kind of illegal KUPVA-BB must be closed, except they want to obtain the business lisence," he added.

    Several regions that were detected organising illegal KUPVA-BB are Indramayu, Sukabumi, Cianjur, and Subang as they are the pockets of migrant workers. jo

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