<![CDATA[This study evaluates the mechanism for addressing financial crimes through restorative justice (RJ) enacted by the Financial Services Authority (OJK) without the involvement of Bank Indonesia. This normative legal research employs a statutory and conceptual approach to analyse the institutional relationships in addressing financial crimes. The absence of Bank Indonesia’s participation in addressing financial crimes through RJ could undermine financial system stability. Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (Law on P2SK) grants the OJK exclusive investigative authority under the RJ mechanism. The development of digital financial crimes that exploit payment infrastructure has blurred the functional boundaries between the two institutions, raising concerns that the OJK’s exclusive authority over RJ discretion may fail to recognise threats to financial system stability that fall within Bank Indonesia’s mandate. This paper proposes reconstructing the Analysis Team by adopting a risk-based coordination model to address these issues. Based on an assessment of the risk associated with criminal activity in the financial services industry, the model places Bank Indonesia and the OJK within a proportional, collaborative framework. This collaboration aims to establish an effective law enforcement framework while comprehensively maintaining the stability of the national financial system.]]>
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