The Investigation of Banking Crimes by Indonesia’s Financial Services Authority after the Financial Sector Development and Strengthening Law Strengthened Authority and Legal Certainty Issues

Wendy Oktasa

doi:10.33019/jph.v4i2.629

Authors

Wendy Oktasa Faculty of Law, Universitas Bangka Belitung, Bangka, 33172, Bangka Belitung Islands Province, Indonesia

DOI:

https://doi.org/10.33019/jph.v4i2.629

Keywords:

banking crimes, Financial Services Authority, investigation, legal certainty, P2SK Law

Abstract

The strengthening of the investigative authority of the Financial Services Authority after Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector marks an important change in the enforcement of banking criminal law in Indonesia. This strengthening is necessary because banking crimes have technical, documentary, and public trust-based characteristics, including false recording, manipulation of bank documents, misappropriation of customer funds, abuse of authority by bank directors or employees, and lending practices containing criminal elements. However, the expansion of OJK’s authority also raises issues of legal certainty, particularly after Constitutional Court Decision Number 59/PUU-XXI/2023, which interpreted that criminal investigations in the financial services sector may be conducted by OJK investigators but cannot be understood as an exclusive authority that eliminates the role of other investigators within the national criminal justice system. This article aims to analyze the construction of OJK’s investigative authority over banking crimes after the P2SK Law, the implications of Constitutional Court Decision Number 59/PUU-XXI/2023 for legal certainty, and the model for harmonizing OJK’s investigative authority with other law enforcement agencies. This study employs normative juridical research using statutory, conceptual, and case approaches. The findings show that the P2SK Law and OJK Regulation Number 16 of 2023 strengthen OJK’s capacity to detect, examine, and investigate banking crimes in a more integrated manner with its supervisory function in the financial services sector. However, this strengthening has not fully resolved problems concerning the limits of authority, the transition from administrative examination to criminal investigation, coordination with the Indonesian National Police, the Prosecutor’s Office, the Financial Transaction Reports and Analysis Center, and the courts, as well as the protection of the procedural rights of examined parties. This article concludes that the investigation of banking crimes by OJK after the P2SK Law can be effective and constitutional only when placed within a harmonious, coordinative, accountable national criminal justice framework that is consistent with the principle of due process of law.

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