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The Blocking of Corporations That Have Not Reported Their Beneficial Ownership in Indonesia

The Blocking of Corporations that Have Not Reported Their Beneficial Ownership in Indonesia

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.

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New Criminal Code: Ban on Extramarital Sex and its Impact on Business Tourism Sectors in Indonesia

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.

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Ratification of the Indonesian Criminal Code Bill

The Criminal Code or Kitab Undang-Undang Hukum Pidana (KUHP) is the foundation of the regulation in Indonesia that stipulates criminal acts, originating from Dutch colonial law, namely Wetboek van Strafrecht voor Nederlands-Indie, which has been in effect since 1918. The Criminal Code is a prominent principle of criminal law in Indonesia as the Criminal Code deals with criminal rules, violations and other regulations related to crime.

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Replacement of the Previous Job Creation Law in Indonesia

Law Number 11 of 2020 on Job Creation (“Law 11/2020”) was ratified on 2nd November 2020 as the applicable regulation in Indonesia. However, the implementation of Law 11/2020 became ineffective right after Indonesian Constitutional Court (“MK”), through MK Decision Number 91/PUU-XVIII/2020, deemed Law 11/2020 as conditionally unconstitutional. To tackle this concern, Indonesia’s government contrived Indonesia Government…

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Business Entity Certificate (Sertifikat Badan Usaha Or “SBU”) Registration Procedure Under The Minister of Public Works and Housing Regulation No. 8 Of 2022 in Indonesia

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…

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Terminating the Electrical Steam Power Plant Under Presidential Regulation No. 112 of 2022 in Indonesia

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…

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