Illegal fintechs do not meet the legal requirements: Minister

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From a civil law perspective, we are of the opinion that they do not meet the requirements

Jakarta (ANTARA) – The Coordinating Minister for Politics, Law and Security, Mahfud MD, has stated that illegal financial technology companies (fintechs) do not meet the civil law requirements to be recognized by the state as business institutions.

“In our opinion, they do not meet the requirements in terms of civil law. Above all, the subjective requirements, because there are a number of things and, secondly, there are alternatives under criminal law, as we have said. ”The minister said this on Friday at an online press conference in Jakarta.

The owners of illegal fintechs can be charged under the Electronic Information and Transactions Act and the Pornography Act for often sharing inappropriate photos of their customers on social media platforms, Mahfud said.

Legal action will be taken against such companies under applicable law, he said.

“There’s Article 27, Article 29, Article 32. Well, Article 27 (covers), for example, the distribution of obscene photos or pornographic photos that are distributed to embarrass people (so that they can repay loans), and many of them these cases will be followed up later, “he said.

Related news: Ministry blocks 151 unlicensed fintech P2P lenders

“We formulated the legal reasons and we set them up. Let the debate run later in the trial because of course there will be (some who agree) and (some who agree). But the government wants … to be present to save people from blackmail and threats, “Mahfud explained.

The government is serious and has shown its commitment to addressing issues related to illegal online credit by following up cases related to the credit and taking firm action against the perpetrators, he said.

“The government wants to be here to save people from blackmail and threats,” he added.

He urged victims of illegal online lenders to report them to the police if they received threats.

“Victims have to have the courage to report to the police. The police offer protection. If more specific protection is needed later, it can be done through witness and victim protection, all of which are envisaged as instruments of the law, ”he added. (IN)

Related News: How Illegal Online Firms Are Entangling Young People Looking For Jobs
Related news: West Jakarta Police are investigating two reports of illegal online lending

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