<![CDATA[This study examines the tension between investor protection and money laundering risks within Indonesia’s regulatory framework for special debt instruments, particularly in the implementation of Patriot Bonds and Merah Putih Bonds. The central issue concerns the granting of legal protection for the purchase of such special debt instruments, which may potentially restrict criminal prosecution, civil claims, the use of data as a basis for tax assessment, and the use of evidence in judicial proceedings. This study aims to analyze whether such protection can still be regarded as a legitimate investment policy instrument or whether it risks creating a safe harbor for non-transparent funds, thereby conflicting with anti-money laundering principles and tax transparency. This study employs a normative legal research method using statutory, conceptual, and historical approaches. The legal materials examined include laws and regulations governing finance, taxation, money laundering offenses, as well as international standards established by the Financial Action Task Force (FATF) and principles of tax transparency. The analysis is conducted qualitatively through systematic and prescriptive interpretation to assess the compatibility of the regulatory framework governing special debt instruments with the principles of the rule of law, accountability, and financial system integrity. The findings demonstrate that investor protection is necessary to enhance market confidence; however, excessively broad protection may weaken law enforcement, tax oversight, and the prevention of money laundering. This study concludes that the regulatory regime for special debt instruments should incorporate risk-based safeguards to maintain their attractiveness to investors without compromising transparency, accountability, and legal certainty.]]>
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