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The Journal of Anti Money Laundering and Countering The Financing of Terrorism (AML/CFT Journal)
Published by Pusat Pelaporan dan Analisis Transaksi Keuangan
ISSN : 2963220X     EISSN : 2964626X     DOI : https://doi.org/10.59593/amlcft
Core Subject : Economy, Social,
Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice
AML/CFT Journal: The Journal of Anti Money Laundering and Countering the Financing Terrorism published by the Indonesia Financial Transaction Report and Analysis Center (INTRAC) or in Bahasa "Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)", contains publication on the research and studies on issues related to Anti Money Laundering and Countering the Financing of Terrorism. The scope of articles for AML/CFT Journal shall focus on Anti-Money Laundering and Prevention of the Financing of Terrorism in which coverage includes but is not restricted to: 1. Money Laundering from Predicate Crimes; 2. Green financial crime; 3. Organized crime and Financing of Terrorism; 4. Money laundering using financial technology; 5. Development in financial crime investigations; 6. Trends in mode and typology of financial crimes; 7. Tracing and recovering assets; 8. Supervision of compliance with anti-money laundering and countering the financing terrorism programs; 9. Proliferation of mass destruction; 10. Crimes in Banking system.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 81 Documents
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Kebaikan atau Ancaman? Model Analytic Hierarchy Process untuk Penilaian Risiko Pendanaan Terorisme I Made Wisnu Wardhana
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 1 (2025): Pencucian Uang dan Pendanaan Terorisme: Risiko, Teknologi, dan Regulasi
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2025.v4i1.266

Abstract

Non-profit organisations (NPOs) in Indonesia remain highly vulnerable to exploitation for terrorism financing despite the existence of legal and regulatory frameworks. Both registered and unregistered entities are often misused under humanitarian, religious, or educational fronts, exposing significant gaps in oversight. This study develops an Analytic Hierarchy Process (AHP)-based framework to systematically assess the terrorism financing risks of NPOs. Eight key indicators identified from prior qualitative research are categorised into two dimensions (internal and external) and weighted according to their relative significance. Eleven verified case studies of NPOs involved in terrorism financing were analysed using this model. The analysis produces quantifiable risk scores that are visualised in a two-dimensional matrix, classifying NPOs into low, moderate, or high-risk categories. Findings reveal that high-risk NPOs are typically unregistered, utilise personal bank accounts, and maintain direct or ideological links with domestic and transnational terrorist networks. The proposed AHP model provides an objective and operational tool for intelligence and regulatory authorities to prioritise supervision and allocate resources effectively, thereby strengthening Indonesia’s risk-based approach to counter-terrorism financing and offering potential adaptability within broader regional frameworks.
Deteksi Tipologi Pencucian Uang Berbasis Graph Analytics dan Neural Network Lalu Garin Alham; Nadia Tsabitah; Yusuf Muhammad Nur Zaman
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 1 (2025): Pencucian Uang dan Pendanaan Terorisme: Risiko, Teknologi, dan Regulasi
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2025.v4i1.269

Abstract

Money laundering accounts for an estimated 2–5% of global GDP annually with scale intensified by digital ecosystems. Conventional AML systems using primarily rule-based and transactional patterns struggle to detect relational behaviors of financial crimes. This study introduces an integrated graph-analytic framework to detect structural laundering patterns using graph-derived metrics to neural network pipeline. The paper evaluates eccentricity, degree, closeness measures, and directionality of flow to distinguish laundering activities, supported by Welch’s t-test which confirms statistically significant differences across five of six metrics (p < 0.001). A Multi-Layer Perceptron (MLP) model is further applied to classify 17 typologies with ~80% accuracy. The key contribution of this research lies in demonstrating that financial crime typologies can be extracted from network topology itself instead of sole reliance on transactional features. By linking graph metrics with laundering behaviors including placement, layering, and integration patterns the study provides a scalable, network-aware approach to AML detection. Future work should focus on real-world validation and real-time classification pipelines using graph-neural inference.
Pertanggungjawaban Korporasi dalam Transfer Teknologi Dual-Use yang Berkontribusi pada Proliferasi Senjata Pemusnah Massal Kana Kurnia
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 1 (2025): Pencucian Uang dan Pendanaan Terorisme: Risiko, Teknologi, dan Regulasi
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2025.v4i1.277

Abstract

The role of transnational corporations in the transfer of dual-use technology increases the risk of the proliferation of Weapons of Mass Destruction (WMD) globally. This research aims to analyze international legal arrangements and formulate an ideal corporate liability model to be applied in Indonesia. This study uses a normative juridical method with a comparative legal approach to practice in the United States (US) and the European Union. The results of the study show that regulations in Indonesia are still sectoral and inadequate in meeting the standards of UNSCR 1540 (2004). It was concluded that Indonesia needs to establish a hybrid regulatory ecosystem through the new Strategic Trade Management (STM) Law. This ideal model requires the implementation of the Internal Compliance Programme (ICP) and Know Your End-User (KYE) due diligence as a precaution, as well as integrating rapid administrative sanctions and severe penalties as enforcement mechanisms.
Apakah Peredaran Uang Tunai Memprediksi Pencucian Uang? Bukti dari Laporan Transaksi Keuangan Mencurigakan (LTKM) Wartiningsih; Nur Insani
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 1 (2025): Pencucian Uang dan Pendanaan Terorisme: Risiko, Teknologi, dan Regulasi
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2025.v4i1.278

Abstract

Understanding and anticipating money laundering risks remains a formidable challenge for financial authorities, primarily because Suspicious Transaction Reports (STRs) function as lagging indicators rather than real-time proxies for illicit activities. This disconnect necessitates the development of early warning indicators (EWIs) capable of signaling latent risks as institutional reporting behaviors unfold. This study investigates whether fluctuations in currency circulation provide predictive signals for STR volumes in subsequent periods. Drawing on cash-based money laundering theory and acknowledging detection lags inherent in compliance processes, this study argued that currency fluctuations encapsulate information regarding latent suspicious activities that manifest only after a temporal delay. Methodologically, the study employs a panel count model utilizing fixed-effects negative binomial regressions alongside extensive robustness checks, including hurdle and zero-inflated specifications, on monthly panel data from 34 Indonesian provinces spanning 2022 to 2024. The empirical analysis reveals that cash inflows and outflows significantly predict STR volumes with a lead time of two to three months. Conversely, the circulation of counterfeit currency shows no significant correlation. These findings suggest that physical currency circulation can serve as a robust EWI for monitoring financial crime risks, specifically to inform supervisory prioritization, compliance resource allocation, and macro-financial oversight in cash-dependent economies.
Corrigendum Admin AML-CFT Journal
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 1 (2025): Pencucian Uang dan Pendanaan Terorisme: Risiko, Teknologi, dan Regulasi
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2025.v4i1.280

Abstract

Corrigendum to “Potential for the Misuse of Foundations’ Annual Reports in the Commission of Money Laundering Crimes” In the original publication of this article, the author submitted a correction to Table 1, as all columns in the table had been checked. This inaccuracy could potentially lead to misinterpretation. The correction was proposed to ensure data accuracy and provide information that aligns with the contents of the foundation’s annual report.
Hakikat Konsep Stand-Alone Money Laundering Berdasarkan Teori Kepentingan: An Interest Theory Perspective Budi Saiful Haris
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 2 (2026): Pencucian Uang dalam Perspektif Hukum, Keuangan, dan Ekonomi Syariah: Tantangan,
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2026.v4i2.257

Abstract

The concept of stand-alone money laundering remains a subject of debate in academic discourse. Some scholars argue that this concept is inconsistent with the principle of justice because it does not require proof of the predicate offense in the prosecution of money laundering crimes. This debate has also affected the effective enforcement of stand-alone money laundering provisions. This study employs a doctrinal approach using secondary data and aims to examine the nature of stand-alone money laundering and the balance of interests in its implementation through Roscoe Pound’s interest theory. The findings reveal that stand-alone money laundering is a response to the increasingly complex development of organized financial crime. This concept introduces a breakthrough in disrupting the financial chains of criminal proceeds by criminalizing acts intended to conceal or disguise illicit assets and by allowing the use of indirect evidence to establish the existence of a predicate offense. Understanding the nature of this concept also demonstrates that the enforcement of stand-alone money laundering can serve as a mechanism for balancing competing interests. However, its implementation must be supported by stringent evidentiary standards, transparent legal processes, and independent oversight mechanisms to ensure justice and maintain a balance between efforts to combat money laundering and the protection of human rights.
Dinamika Ancaman dan Adaptasi Regulasi Anti Pencucian Uang: Sebuah Tinjauan Sistematis Ickhsanto Wahyudi; Indo Yama; Muhammad Said
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 2 (2026): Pencucian Uang dalam Perspektif Hukum, Keuangan, dan Ekonomi Syariah: Tantangan,
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2026.v4i2.272

Abstract

Money laundering in Indonesia faces complex challenges driven by financial crime innovation. This study maps threats, legal developments, and technological responses in the national anti money laundering regime using a PRISMA guided systematic literature review of 25 Scopus indexed articles from 2014 to 2025. Results show four findings. First, crime patterns shift toward digital assets such as crypto and online platforms, along with risks linked to carbon policy instruments. Second, the legal framework still shows gaps in regulating virtual assets and strengthening electronic evidence. Third, there is growing use of machine learning and Regulatory Technology to improve detection and compliance. Fourth, key research gaps remain, including limited empirical studies on crypto misuse and carbon markets, weak cost benefit analysis of RegTech adoption in small and medium financial institutions, and limited attention to cultural and behavioral aspects of compliance. These findings provide a clear evidence base for policymakers and financial institutions. Future effectiveness depends on adaptive regulation, targeted technology adoption, and stronger coordination across stakeholders.
Pencucian Uang pada Lembaga Jasa Keuangan Syariah: Perspektif Fiqih Muamalah Adhitya Abriansyah Afandi; Euis Amalia; Muhammad Cholil Nafis; Ahmad Rodoni; Desmadi Saharuddin; Rahmawati Rahmawati
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 2 (2026): Pencucian Uang dalam Perspektif Hukum, Keuangan, dan Ekonomi Syariah: Tantangan,
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2026.v4i2.279

Abstract

The rapid expansion of Islamic Financial Institutions (Indonesian: Lembaga Jasa Keuangan Syariah) in Indonesia has recently been tainted by a surge in financial crimes, specifically Money Laundering (ML). These cases expose a troubling reality that wide spread contract misuse, fragile internal governance, and a significant disconnect between Sharia standards and Anti-Money Laundering (AML) compliance. By synthesizing positive law, AML frameworks, and fiqh muamalah, this study investigates how ML crimes infiltrate Islamic Financial Institutions operational practices. Using a qualitative case study of court decisions from 2024 and 2025 (Bengkulu and Banjarmasin), the research reveals that the vulnerability to ML does not stem from Sharia principles themselves, but from internal control failures, insider abuse, and the lack of integration between Sharia oversight and AML systems. From a fiqh muamalah perspective, these practices fundamentally violate the principles of amanah (trust), ‘adl (justice), and ḥifẓ al-māl (protection of wealth), rendering the involved contracts substantively defective. Ultimately, this study advocates for a mandatory integration of Sharia governance and AML compliance as a concrete manifestation of maqāṣid al-sharī‘ah to safeguard the integrity of Indonesia's Islamic financial system.
Inherent Money Laundering Risk and Maqashid Sharia Interactions on Internal Control in Islamic Banking Dimas Kenn Syahrir; Zuhairan Yunmi Yunan; Desmadi Saharuddin; Rahmawati Rahmawati; Alejandro Pacheco-Jaramillo
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 2 (2026): Pencucian Uang dalam Perspektif Hukum, Keuangan, dan Ekonomi Syariah: Tantangan,
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2026.v4i2.286

Abstract

Money laundering risk in Indonesia’s banking industry has trended upwards, while suspicious transaction reporting (LTKM) by Islamic commercial banks shows a distinctive and volatile pattern, with reported values declining sharply. The interplay between inherent money laundering risks, maqashid sharia principles, and the internal control of the AML/CFT programme in Islamic banking remains underexplored. This study examines the influence of four inherent money laundering risks and maqashid sharia principles on the internal control of the AML/CFT programme, and tests maqashid sharia as a moderating variable. Using a quantitative approach, data from 170 respondents representing the three lines of defence in 13 Indonesian Islamic commercial banks were analysed with PLS-SEM. The results show that customer risk, product/service/transaction risk, and delivery channel risk each significantly influence internal control, whereas country risk does not. Maqashid sharia significantly influences internal control as an independent variable but does not act as a moderator, indicating that it operates as a stable ethical foundation rather than an amplifier of risk effects. The novelty of this study lies in integrating maqashid sharia into the AML/CFT internal control model, implying that Islamic banks should implement maqashid sharia simultaneously with risk-based controls, particularly the detection of customer risk.
Risiko Pencucian Uang dan Portofolio: Hambatan atau Jembatan bagi Modal Asing? Isnu Pujarama; Khoirunurrofik Khoirunurrofik
AML/CFT Journal : The Journal Of Anti Money Laundering And Countering The Financing Of Terrorism Vol 4 No 2 (2026): Pencucian Uang dalam Perspektif Hukum, Keuangan, dan Ekonomi Syariah: Tantangan,
Publisher : Pusat Pelaporan dan Analisis Transaksi Keuangan (PPATK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59593/amlcft.2026.v4i2.287

Abstract

Foreign portfolio investment (FPI) is highly sensitive to money laundering risks, which degrade transparency, heighten market volatility, and erode investor confidence. However, existing research on anti-money laundering (AML) regulations primarily focuses on foreign direct investment (FDI) and the banking sector. However, foreign portfolio investment (FPI), being highly liquid and sensitive to governance risks, remains relatively underexplored in the anti-money laundering (AML) literature. Furthermore, cross-country variations in institutional capacity may generate heterogeneous effects, particularly between developed and developing economies. This study examines the linear and non-linear impacts of money laundering risk on FPI using panel data from 104 countries (2012–2021). To address endogeneity and cross-country heterogeneity, we employ a two-step Generalized Method of Moments (GMM) estimator. The findings are expected to provide empirical evidence for policymakers in designing financial supervisory systems that are proportionate and do not inadvertently undermine investment attractiveness. The results indicate that, in developing countries, foreign portfolio investment declines at low levels of money laundering risk up to a certain threshold, but increases once this threshold is exceeded. In developed countries, money laundering risk exhibits a non-linear effect on foreign portfolio investment. These findings suggest that policymakers must design proportionate AML frameworks to mitigate financial crimes without inadvertently stifling capital inflows critical for economic growth.

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