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Legal Updates

New Presidential Regulation on Utilization of Foreign Workers

15 May 2018

The President has enacted Presidential Regulation ("PR") Number 20 of 2018 on Utilization of Foreign Workers ("PR 20/18").  PR 20/18 will come into force on 29 June 2018 ("Effective Date") and revokes PR Number 72 of 2014 on the same subject ("PR 72/14").  This regulation aims to simplify procedures and reporting obligations which are expected to increase investment into Indonesia.

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E-Money: Change in foreign ownership

14 May 2018

The Indonesian central bank, Bank Indonesia ("BI"), has issued Regulation Number 20/6/PBI/2018 ("PBI 20/2018") on E-Money replacing Regulation Number 11/12/PBI/2009 on E-Money and its amendments ("Old Regulations") effective on 4 May 2018 ("Effective Date"). PBI 20/2018 was issued to promote the use of e-money in Indonesia whilst addressing consumer protection, prudential principles, risk management, and healthy competition.

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Mandatory Beneficial Ownership Reporting for Entities in Indonesia

14 May 2018

Mandatory rules on reporting beneficial ownership now apply in Indonesia. The requirement has come into force on 5 March 2018, with a one year grace period for existing entities.

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