Financial Centre Bill Targeted for Completion by Month-End
JAKARTA, DDTCNews - The Government and the House of Representatives (Dewan Perwakilan Rakyat/DPR in Indonesian) are set to complete the drafting of the Indonesian International Financial Centre (IIFC) Draft Law by 21 July 2026.
Chairperson of House Commission XI, Mukhamad Misbakhun, stated that the IIFC Draft Law is targeted for approval at a plenary session on 22 July 2026.
"The 21st [approval] at Level II, the 20th at Level I," he said ahead of the working committee meeting on the drafting of the IIFC Draft Law, Thursday (2/7/2026).
In addition to detailing the schedule for drafting the IIFC Draft Law, the working committee meeting will also determine the names of invitees to the public consultation or meaningful participation.
Misbakhun noted that the deliberation of the IIFC Draft Law will be supported by the House's Expert Body with a view to strengthening the formal and substantive aspects of the said Draft Law.
"I would like to express my gratitude to the government. Hopefully, this will become one of the important milestones in the reform of the financial system in Indonesia," he said.
On another note, the IIFC Draft Law has been drafted to support the establishment of a financial centre in Indonesia. The drafting of this Draft Law is a follow-up to Article 248A of Law 4/2026, which mandates the establishment of a Draft Law on the administration of the IIFC within a period of 3 months after Law 4/2026 is promulgated.
The IIFC Draft Law will encompass a range of facilities covering immigration, residency, employment, permits and taxation to promote the development of modern financial business activities.
The IIFC will also have its own court with jurisdiction to examine, adjudicate and rule on disputes relating to business activities within the IIFC.
"This regulation is expected to enhance investor confidence and provide the legal certainty that is greatly needed in cross-border business and financial transactions," said Minister of Finance, Purbaya Yudhi Sadewa. (rig)
