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โœŒIndonesian Offshore Industry: A Comprehensive Analysis

Indonesia, the largest archipelago nation in the world, is strategically located between the Indian and Pacific Oceans. This unique position makes its offshore industry a critical component of its economy. From oil and gas exploration to financial services and fisheries, Indonesia’s offshore sector is diverse and dynamic. This article explores the major facets of Indonesiaโ€™s offshore industry, including oil and gas operations, maritime activities, legal structures, challenges, and emerging trends.

1. Oil and Gas Exploration and Production

A. Overview

Indonesia has long been a significant player in the global oil and gas market. Its vast offshore reserves have attracted both domestic and international energy companies. Key areas of offshore exploration include the Natuna Sea, Java Sea, Makassar Strait, and the Arafura Sea.

B. Key Facts

  1. Production Statistics:
    • Indonesia produces approximately 600,000 barrels of crude oil per day (2023 estimates).
    • Natural gas production exceeds 60 billion cubic meters annually.
  2. Major Companies:
    • Pertamina (state-owned energy giant).
    • Chevron, ExxonMobil, and BP (international players).
  3. Notable Projects:
    • Abadi LNG Project: A significant gas development project led by Inpex Corporation in the Masela Block.
    • Natuna D-Alpha Block: Holds one of the world’s largest natural gas reserves.
  4. Economic Contribution:
    • The oil and gas sector contributes approximately 3% to Indonesiaโ€™s GDP.

C. Challenges

  • Declining reserves in mature fields.
  • High operational costs due to complex geology.
  • Regulatory uncertainties and tax disputes.

2. Offshore Financial Services

A. Emerging Offshore Financial Centers

Indonesia has seen a rise in offshore financial activities, with neighboring jurisdictions like Singapore playing a significant role in facilitating Indonesian wealth.

B. Key Trends

  1. Wealth Relocation:
    • High-net-worth individuals and corporations often set up offshore accounts in Singapore, the British Virgin Islands, or the Cayman Islands to optimize taxes and protect assets.
  2. Tax Evasion and Money Laundering Risks:
    • Indonesian authorities have increased scrutiny on offshore financial flows to combat tax evasion. The country is a member of the Automatic Exchange of Information (AEOI) initiative.
  3. Government Response:
    • The Tax Amnesty Program (2016โ€“2017) encouraged repatriation of offshore assets, recovering over $10 billion in declared funds.

3. Maritime and Fisheries Industry

A. Maritime Significance

Indonesiaโ€™s maritime domain spans over 6 million square kilometers, making it one of the largest Exclusive Economic Zones (EEZs) globally.

B. Key Facts

  1. Fishing Industry:
    • Annual fish production exceeds 12 million tons.
    • Illegal, Unreported, and Unregulated (IUU) fishing remains a major challenge.
  2. Offshore Ports and Shipping:
    • Major offshore ports include Tanjung Priok (Jakarta) and Tanjung Perak (Surabaya).
    • Indonesia is investing in deep-sea port development to accommodate larger vessels.
  3. Environmental Concerns:
    • Overfishing and pollution threaten marine biodiversity.
    • Coral reef damage due to offshore construction and illegal fishing practices.

4. Offshore Legal Framework

A. Oil and Gas Regulations

Indonesiaโ€™s upstream oil and gas activities are governed by Law No. 22/2001. The state retains mineral rights, granting production-sharing contracts (PSCs) to operators.

B. Maritime Laws

  • The Indonesian Sea Law defines the nation’s maritime boundaries and regulates offshore activities.
  • Indonesia is a signatory to the United Nations Convention on the Law of the Sea (UNCLOS).

C. Financial Regulations

  • Offshore financial activities must comply with the Financial Services Authority (OJK) and Bank Indonesia’s anti-money laundering policies.

5. Challenges Facing Indonesiaโ€™s Offshore Industry

  1. Geopolitical Tensions:
    • Disputes in the South China Sea, particularly with China over fishing rights and territorial waters, pose significant risks.
  2. Corruption and Bureaucracy:
    • Complex regulatory environments deter foreign investment.
    • Allegations of corruption within the energy and fisheries sectors remain persistent.
  3. Climate Change and Environmental Issues:
    • Rising sea levels threaten coastal infrastructure.
    • Oil spills and industrial pollution are ongoing concerns.
  4. Infrastructure Deficits:
    • Many offshore platforms and ports require modernization to remain competitive.

6. Opportunities and Future Outlook

A. Renewable Energy Development

Indonesiaโ€™s offshore wind and tidal energy potential are underexplored but hold promise. Initiatives are underway to attract investment in green energy projects.

B. Digital and Fintech Expansion

Offshore fintech platforms are gaining traction as Indonesia modernizes its financial systems.

C. Blue Economy Initiatives

The government is prioritizing sustainable marine-based economic activities to protect biodiversity while boosting growth.

Conclusion

Indonesiaโ€™s offshore industry is a cornerstone of its economy, encompassing oil and gas, fisheries, maritime trade, and financial services. While challenges like environmental degradation, regulatory issues, and geopolitical tensions persist, opportunities in renewable energy and the blue economy offer a pathway for sustainable growth. By addressing these issues and leveraging its strategic position, Indonesia can strengthen its offshore sector and ensure long-term economic prosperity.

List of Indonesian Offshore Companies with Personnel Identified in Panama Papers and Other Leaked Sources

The Panama Papers and subsequent leaks, such as the Paradise Papers, have revealed the offshore financial activities of numerous individuals and companies across the globe. Indonesian figures and entities, including those involved in the offshore industry, have been implicated in these leaks. Below is a list of some of the key Indonesian offshore companies and personnel that have been identified through these leaks, highlighting their involvement in offshore activities.

1. Bakrie Group

  • Industry: Energy, Infrastructure, Mining
  • Offshore Involvement:
    The Bakrie Group, one of Indonesia’s largest conglomerates, has been linked to offshore companies in jurisdictions like the British Virgin Islands (BVI) and Panama. The family was associated with multiple shell companies for tax optimization purposes.
  • Personnel Identified:
    • Aburizal Bakrie (Chairman of the Bakrie Group) โ€“ Linked to various offshore entities used to manage assets and investments.

2. Sinar Mas Group

  • Industry: Palm Oil, Real Estate, Energy
  • Offshore Involvement:
    The Sinar Mas Group, a major conglomerate with operations in palm oil, pulp and paper, and real estate, was named in the Panama Papers. Offshore entities were used for asset management and structuring investments across multiple regions.
  • Personnel Identified:
    • Franky Widjaja (Chairman of Sinar Mas) โ€“ Associated with several offshore companies used for holding assets.

3. PT Bumi Resources

  • Industry: Mining (Coal)
  • Offshore Involvement:
    PT Bumi Resources, a major coal mining company, was involved in offshore financial activities to manage its business operations, often using entities in low-tax jurisdictions for financial structuring.
  • Personnel Identified:
    • Samin Tan (Former Chairman) โ€“ Tanโ€™s name appeared in the Panama Papers, linked to companies and trusts in offshore tax havens.

4. Lippo Group

  • Industry: Real Estate, Healthcare, Retail
  • Offshore Involvement:
    Lippo Group, a powerful Indonesian conglomerate with diverse investments, was also implicated in the Panama Papers for offshore structuring of assets and funds. This was mainly aimed at reducing taxes and facilitating international expansion.
  • Personnel Identified:
    • James Riady (Chairman of Lippo Group) โ€“ Riadyโ€™s name was mentioned in connection with offshore accounts and companies for asset management and investment purposes.

5. MNC Group (Media Nusantara Citra)

  • Industry: Media, Telecommunications
  • Offshore Involvement:
    MNC Group, a major player in Indonesiaโ€™s media landscape, was linked to various offshore vehicles for managing media rights and international investments.
  • Personnel Identified:
    • Hary Tanoesoedibjo (Founder and Chairman of MNC Group) โ€“ Identified in offshore financial structures.

6. Astra International

  • Industry: Automotive, Agribusiness, Financial Services
  • Offshore Involvement:
    Astra International, a large conglomerate in Indonesia, has been mentioned in offshore financial leaks related to its corporate structures in foreign jurisdictions. The companyโ€™s offshore operations were used for facilitating international trade and investments.
  • Personnel Identified:
    • Prijono Sugiarto (President Director) โ€“ Although not directly mentioned, the company had offshore connections for asset management and tax planning.

7. Freeport Indonesia (PT Freeport Indonesia)

  • Industry: Mining (Copper, Gold)
  • Offshore Involvement:
    PT Freeport Indonesia, a subsidiary of Freeport-McMoRan, a large multinational mining company, was named in offshore leaks, particularly involving the use of tax havens to structure deals and transfer profits.
  • Personnel Identified:
    • Richard C. C. C. Adkerson (Former CEO of Freeport-McMoRan) โ€“ Associated with offshore deals related to Freeportโ€™s operations in Indonesia.

8. PT Indofood Sukses Makmur

  • Industry: Food and Beverage (including Instant Noodles)
  • Offshore Involvement:
    Indofood, one of the largest food producers in Indonesia, used offshore companies for asset holding, tax optimization, and international trade.
  • Personnel Identified:
    • Anthony Salim (Chairman of Indofood) โ€“ Linked to offshore structures used for financial management and investments.

9. PT Jaya Konstruksi Manggala Pratama

  • Industry: Construction and Infrastructure
  • Offshore Involvement:
    Jaya Konstruksi, a significant player in Indonesiaโ€™s construction industry, was involved in offshore financial operations for international contracting and investment purposes.
  • Personnel Identified:
    • Wahyu Hidayat (Director) โ€“ The company was linked to offshore entities, though specific individuals were less publicly implicated.

10. PT Garuda Indonesia (National Airline)

  • Industry: Aviation
  • Offshore Involvement:
    Garuda Indonesiaโ€™s offshore activities were related to financing, aircraft leasing, and tax avoidance through complex corporate structures.
  • Personnel Identified:
    • Arif Wibowo (Former CEO) โ€“ The airline was tied to offshore financial vehicles, often used to structure leasing deals and international financing.

Key Observations:

  1. Use of Tax Havens:
    Many Indonesian conglomerates and individuals use jurisdictions like the British Virgin Islands (BVI), Panama, Cayman Islands, and Singapore for holding assets, structuring investments, and avoiding taxes. These jurisdictions offer privacy, low taxation, and minimal regulatory oversight.
  2. Asset Protection and Wealth Management:
    Offshore companies are often utilized for asset protection, wealth management, and international investments, particularly in cases where individuals or companies need to secure assets against political risk or economic instability.
  3. Government Crackdowns and Reforms:
    The Indonesian government has attempted to clamp down on offshore tax evasion and money laundering, with initiatives like the 2016โ€“2017 Tax Amnesty Program, which encouraged Indonesians to repatriate offshore assets in exchange for lower penalties.
  4. Financial Secrecy and Legal Loopholes:
    Despite global efforts to increase transparency through organizations like the OECD and FATF, financial secrecy continues to be a prominent issue. Leaks such as the Panama Papers highlight the complex web of corporate structures designed to evade scrutiny and regulation.

Conclusion

Offshore financial activities in Indonesia are widespread among its largest companies and wealthiest individuals. While these practices are often legal, they raise serious concerns about tax avoidance, money laundering, and the opacity of financial systems. The revelations from the Panama Papers, Paradise Papers, and other leaks underscore the need for greater transparency and accountability in both corporate governance and offshore financial practices.

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Exposed – IMF Panama Anti-Money Laundering & Terrorist Financing Report

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Panama_3rd_Round_MER_(Final)_EnglishINTERNATIONAL MONETARY FUND LEGAL DEPARTMENT

  • 99 pages
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  • Confidential
  • January 8, 2007

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I. ASSESSMENT OF OBSERVANCE OF THE FATF RECOMMENDATIONS

A. General

This assessment of observance of the Financial Action Task Force (FATF)
Recommendations for anti-money laundering and countering the financing of terrorism (AML/CFT) has been completed as part of an evaluation of Panamaโ€™s observance of regulatory standards for the financial sector.

General

Panama is a constitutional republic with a democratically elected president who is both
chief of state and head of government. The current government began its four-year period in
September 2004. The country has a unicameral legislative assembly, also elected by popular
vote, and an autonomous judicial branch. The legal system is based on the civil law tradition,
with some features of its commercial legislation being influenced by legal institutions of
United States common law (i.e., the regulation of trusts).

With a population of approximately 3 million, Panama has a territory of 78,200 square
kilometers in the Central American isthmus, between the Caribbean Sea and the
North Pacific Ocean, bordered by Costa Rica and Colombia. Full control and operation of the
Panama Canal connecting the Atlantic and Pacific oceans were transferred from the
United States to Panama in 1999. The Canal drives much of Panamaโ€™s economy, along with
the Colon Free Trade Zone (ZLC), a booming real estate market and a well developed
services sector, including banking and financial services. Although there is a legal parity
between the local currency (Balboa) and the U.S. dollar, in practice no local currency
circulates and all commercial payments and financial transactions are made in U.S. dollars.
Panama endeavors to provide economic and political leadership in the Central
American and Caribbean region and is a member of many international organizations,
including the Caribbean Financial Action Task Force (CFATF), which it currently presides.
Banking activities represent the most significant component of the financial services
sector. Banking system assets on a nonconsolidated basis were $39.6 billion, and on a
consolidated basis (including local and foreign subsidiaries of Panamanian-headquartered
banks) were $45.8 billion at end-March 2006. At endโ€“March 2006, there were 73 banks,
including 2 state-owned banks, 37 general license private banks, and 34 international license
banks. The banking center in Panama has a significant international presence, including
banks from the United States, the United Kingdom, Spain, and other Latin American and
European countries.

Lawyers and accountants are not required to belong to a professional association in
order to practice, and the associationsโ€™ codes of ethics are not legally enforceable. There are ethical rules for lawyers established by law and subject to investigation and sanction by the
Supreme Court, although there have been very few sanctions in practice.
General situation of money laundering and financing of terrorism
Information from various criminal investigations shows that the reporting and other
preventive requirements in the money laundering law have had a dissuasive effect on
money laundering activity in financial institutions. The UAF reported that money
laundering has moved towards other parts of the economy in order for launderers to avoid the
developed capacity of banks to detect the introduction of illicit capital.
The geographic location of Panama makes it an attractive transit area for drugs and
related money laundering. To date, the 10 money laundering cases that have been
prosecuted were based on narcotics-related predicate crimes. The cases have resulted from
internal efforts in the Public Ministry (Ministerio Pรบblico) as well as from international
cooperation. Other financial crimes cases have resulted mainly from foreign investigations of
corruption where funds were later deposited in Panamanian financial institutions.
An area of great concern involves the role that the Free Zone of Colรณn (ZLC), the
second largest free-trade zone in the world, can play as the originating or transshipment point
for goods purchased with proceeds of narcotics trafficking, including through the Black
Market Peso Exchange. The smuggling of currency, drugs, and prohibited chemical
materials, the introduction and transshipment of counterfeit merchandise, and several forms
of customs fraud also generate criminal proceeds that expose the system to money
laundering.

Officials advised that the Panamanian jungle border with Colombia is occasionally
penetrated by the illegal armed groups active along their common border, but did not
consider this to pose a terrorist threat to Panama. There have been no known cases of
financing of terrorism.

โ€ฆ

The following are the governmental agencies with direct responsibility on AML/CFT issues in the areas of prevention, regulation, supervision, investigation or prosecution:

โ€ข Financial Analysis Unit (UAF), within the National Public Security and National Defense Council of the Ministry of the Presidency;

โ€ข Superintendency of Banks (SdB);

โ€ข National Securities Commission (CNV);

โ€ข Autonomous Panamanian Cooperatives Institute (IPACOOP);

โ€ข Ministry of Commerce and Industry (MICI), which includes:

โ€ข Superintendency of Insurance and Reinsurance (SSRP);

โ€ข National Directorate of Finance Companies (responsible for finance companies, leasing companies, money remitters and pawn brokers);

โ€ข Office of Export Processing Zones;

โ€ข Real Estate Technical Board;

โ€ข Accounting Board (it has no AML/CFT responsibilities at the moment).

โ€ข Gaming Control Board of the Ministry of Economy and Finance;

โ€ข ZLC Administration;

โ€ข Attorney General (Ministerio Pรบblico and the judicial technical police within);

โ€ข Judicial Branch (no specific courts specialized in money laundering or the financing of terrorism; and

โ€ข National Directorate of Immigration.

โ€ฆ

Criminalization of Money Laundering (R.1 & 2)

Description and analysis

Panama has criminalized money laundering through Articles 389 to 393 of the Penal Code, as adopted through Law 41 of October 2, 2000 and Law 1 of January 5, 2004. This Law 41 amended the previously existing AML law, stating in Article 389 of the Penal Code that, โ€œWhoever receives, deposits, trades, converts, or transfers monies, titles, securities, goods, or other financial resources knowing that the origin of the activities is related with drug trafficking, qualified embezzlement, illegal weapons trafficking, human trafficking, kidnapping, extortion, embezzlement, public corruption, terrorism, robbery, or internal vehicle contraband established in the Panamanian Law, with the purpose of hiding or covering their illicit origin to assist evasion of juridical consequences of such punishable acts shall be sanctioned with prison from 5 to 12 years and 100 to 200 days of fine.โ€ Law 1 of 2004 added intellectual property violations as a predicate within Article 389 of the Penal Code. Panamaโ€™s law takes the predicate list approach to the crime of money laundering.

Panama has ratified both the Vienna Convention and the Palermo Convention, The Vienna Convention, Article 3(1)(b)(i) is satisfied by the language of Penal Code Articles 389 and 390. However, Article 6(2)(b) of the Palermo Convention is not fully satisfied, in that the list of predicate offenses does not include a fully comprehensive range of offenses associated with organized criminal groups. Penal Code Article 389 does cover 11 felony predicate offenses, but does not include all of the FATF Recommendations noted in the
Glossary of Definitions. In order to comply with this list, there should be predicate offense of terrorist financing, participation in an organized criminal group and racketeering, sexual exploitation including of children, trafficking in stolen goods (as opposed to only vehicles), counterfeit currency, environmental crime, murder, the general act of smuggling, piracy, fraud, and insider trading/market manipulation. ML is considered to be an autonomous offense. It is not subordinated to the predicate offense, and can be independently charged. The crime of money laundering applies to an individual who has committed a predicate offense, provided that the person carries out one or more of the terms governing the legal provisions in Articles 389โ€“393.

Penal Code Article 389 applies to the listed predicates established in Panamanian law. The authorities advised that the crime of money laundering extends to conduct of predicate offenses which occur in other countries, as well as in Panama, and that Panamanian law would apply in either circumstance. Articles 8 and 9 of the Penal Code provide legal support for this position. Article 8 provides that Panamanian law will apply to punishable acts committed outside the borders of Panama, where those laws relate to acts against the government of Panama, crimes against public health [such as drug offenses], crimes against the national economy and public administration, and the falsification of official documents or money destined for Panama. Article 9 also applies
Panamanian law to acts committed outside the country where the results of the crime are produced in Panama, or there are other various listed effects on Panama.

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