The Investment Alert Task Force Blocked 1,018 Illegal Online Lenders Through August 2023

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Nabilah Muhamad 28/08/2023 18:31 WIB

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The Indonesian Investment Alert Task Force (Satgas Waspada Investasi) has blocked 1,018 illegal online lending (pinjol) platforms from the beginning of this year until August 3, 2023.

Number of Illegal Online Lending Platforms Blocked by the Investment Alert Task Force (2018-2023*)

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Number of Illegal Online Lending Platforms Blocked by the Investment Alert Task Force (2018-2023*)

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The Investment Alert Task Force (SWI) has blocked 1,018 illegal online lending (pinjol) platforms from the beginning of this year until August 3, 2023.

This number is up 45.8% from the 2022 achievement, which saw the blocking of 698 illegal pinjol platforms throughout last year.

Cumulatively, illegal pinjol platforms that have been shut down by the SWI from 2018 to August 2023 reached 5,450 entities. During this period, the most illegal pinjol platforms blocked were in 2019, reaching 1,493 platforms.

Providers of illegal pinjol platforms now face legal sanctions under Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK).

Friderica Widyasari Dewi, Executive Head of Supervision of Financial Services Business Actors' Behavior, Education, and Consumer Protection at the OJK, explained that the prohibition and threat of sanctions are stipulated in Articles 237 and 305 of Law 4/2023.

"In the P2SK Law No. 4 of 2023, there is a specific offense where the crime of suppressing illegal financial activities has sanctions; if it's a fine, it's up to Rp1 trillion, and imprisonment is 5-10 years," said Friderica in a webinar entitled "Combating Digital-Based Financial Crime" on the Kemkominfo TV YouTube channel, Monday (August 21, 2023).

She believes that the law can provide a deterrent effect for perpetrators who continue to create illegal platforms even after receiving repeated warnings.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."