Financial Crime in the Forest Sector

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Chatham House Workshop: Financial Crime in the Forest Sector: A Dialogue between Indonesia, the UK and the British Overseas Territories and Crown Dependencies 

24–25 February 2014

Representatives of the Financial Intelligence Units of the UK, British Virgin Islands, Jersey, Guernsey and Indonesia attended a workshop hosted by Chatham House, aimed at improving understanding of the international aspects of financial crime linked to Indonesia’s forest sector. 

The event sought to improve links between the authorities in attendance, to identify the opportunities and challenges for international cooperation in tackling this issue, and to identify possible tools that could further facilitate such cooperation. 

The Indonesian delegation included representatives from a number of agencies who have been pursuing efforts to tackle financial crime, including in the forest sector. Alison Hoare, Senior Research Fellow, Chatham House said 'The Indonesian government is to be commended for its efforts to improve governance and clamp down on tax evasion and money laundering, which is an essential step in establishing a sustainable and equitable forest sector. Improving international cooperation on money laundering and financial crime will be essential in supporting the country’s ongoing efforts in this area.' 

The need for improved cooperation was a key element of the UK’s G8 tax and transparency agenda, which has led to commitments from the UK’s Overseas Territories and Crown Dependencies for the automatic exchange of tax information and to consult on the question of establishing a central registry of beneficial ownership and whether this information should be publicly available. 

The financial authorities from the British Virgin Islands, Jersey and Guernsey all attended the meeting, signalling their further commitment to tackling these issues. The meeting provided a valuable opportunity to build on these commitments and has helped to improve and strengthen links between the authorities of the Overseas Territories and Crown Dependencies and Indonesia. The meeting also provided an opportunity for the Financial Intelligence Units of the UK and Indonesia to sign a Memorandum of Understanding, and this was signed in the presence of the Indonesian Ambassador to the UK.

News Source : Financial Crime in the Forest Sector

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