According to Presidential Regulation No. 13 of 2018 regarding the Implementation of the Principles of Recognizing Beneficial Ownership of Corporations to Prevent and Eradicate the Criminal Acts of Money Laundering and Terrorism Financing (“PR 13/2018”), each corporation is required to determine the Beneficial Ownership (“BO”) of the corporation.
The law in Indonesia is dynamic and open for recodification, actualization and harmonization to local culture and customs. On 5th December, Indonesian lawmakers passed a new criminal code, heavily criticized by foreign news agencies for the ban on extramarital sex. The new criminal codes (“NCC”) have led economists to note the potential negative impacts on investment in Indonesia, specifically in the tourism business sector as the law also applies to foreign tourists.
Indonesia’s Government strives to optimize licensing procedures for business entities through regulation in Indonesia, so licensing registration can be carried out quickly and precisely. Article 1…
The promulgation of the law in Indonesia by Presidential Regulation No. 112 of 2022 concerning the Acceleration of Renewable Energy Development for Electricity Supply (“PR 112/2022”) is a sign that Indonesia will start implementing low-emission electricity projects to protect the environment. PR 112/2022 stipulates the Electric Supply Business Plan (Rencana Usaha Penyediaan Tenaga…
On 31 August 2022, the Ministry of Health of Indonesia issued the Minister of Health Regulation No. 24 of 2022 on Medical Records (“PMK 24/2022”). The PMK 24/2022 is a regulatory framework that functions as the implementation of the health technology transformation in Indonesia, which is Indonesia’s sixth pillar of Health Transformation. The PMK 24/2022 has replaced the PMK No. 269 of 2008 on Medical Records. The main issues in the PMK 24/2022 are data storage and transfer, which are also subject to Law No.27 of 2022 concerning Privacy Data Protection (“PDP Law”)….
On 2 February 2021, the government issued Indonesian Government Regulation No. 14 of 2021 as an amendment to Government Regulation No. 22 of 2020 on the Implementation of Law No. 2 of 2017 on Construction Services (Amended GR 22/2020). One of the most significant changes in Amended GR 22/2020 is regarding the Construction Safety Management System (SMKK).
The Importance of the Construction Safety Management System (SMKK) in Indonesia Read More »
Data is a valuable currency in this new world. In the midst of digital transformation, the Indonesian government has taken the final decision to pass the Pelindungan Data Pribadi (PDP) Bill by September 2022. The PDP Law applies to all businesses established in Indonesia and puts the consumer in control. The task of complying with this regulation falls upon businesses. Prior to the PDP Law, there was no protection for data privacy under the law…
A Journey to PDP Law Compliance: Data Privacy Transfer in Indonesia Read More »
The Financial Services Authority (“OJK”) issued the OJK Regulation in Indonesia No. 10/POJK.05/2022 concerning Information Technology Based Collective Financing Services (“POJK 10/2022”) which took effect on July 4, 2022, and revoked the Financial Services Authority Regulation No. 77/POJK.01/2016 (“POJK 77/2016”). The POJK 77/2016 was originally introduced to quickly respond to the Peer-to-Peer Lending (P2P Lending) industry…
The House of Representatives of the Republic of Indonesia finally ratified the Personal Data Protection Bill (PDP Bill) into law (PDP Law) on 20 September 2022 in accordance with the regulation in Indonesia, with updates and additional clauses that are more comprehensive in accommodating personal data protection. Indonesia now joins other jurisdictions in Southeast Asia that have dedicated personal data protection laws, including Singapore and Thailand. However, the PDP Law not gone into effect…
Ratification of Personal Data Protection Law of Indonesia Read More »
Contracts have been a staple in most business and commercial activities. Recently, an electronic agreement has become the most preferable form of contract for foreign investors for investment in Indonesia. The law in Indonesia covers the use of electronic agreements. The electronic agreement or electronic contract is defined in Article 1 Number 17 of Law no. 11 of 2008 concerning Information and Electronic Transactions (EIT Law) as an agreement between the parties made through an electronic system. Electronic agreements are made…
The Legal Aspect of Electronic Agreements in Indonesia Read More »