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Kamis, 13 Oktober 2011

Obama Forms New Task Force Combating Financial Fraud


At the time of the Government of Indonesia fuss over Bank Century scandal, Barack Obama's administration actually managed to make new breakthroughs in strengthening the U.S. economy, namely by forming a new task force to crack down on financial fraud. This was announced to the public in mid-November with one of the most important mission to prevent "another collapse" of the impact of the economic crisis.

"Financial Fraud Enforcement Task Force" (Financial Fraud Enforcement Task Force) The new administration of President Barack Obama replaces a task force was established in 2002 following the scandals at Enron and other large companies.

The task force led by the Justice Department and the Finance department aims to investigate and prosecute mortgage (mortgage), securities, and corporate fraud, including recovery of funds for victims.

"The mission of this task force does not only hold accountable those who bring the latest financial crisis, but to prevent the destruction takes place else," Attorney General Eric Holder said in announcing the effort.

"We will be relentless in our investigation on the company and financial errors, and will not hesitate to take measures, where appropriate, for criminal fault on the part of businesses and business executives," he continued.

More than 20 federal agencies will be part of the task force, including the FBI, the Federal Trade Commission, and U.S. Postal Inspection Service.

"Through the Financial Fraud Task Force, we made clear that the Obama administration will act aggressively and proactively in a coordinated effort to combat financial fraud," said Treasury Secretary Timothy Geithner, as reported by AFP.

"It's not enough to prosecute fraud after it spread widely. We can not wait for problems to peak before we respond," he added.

According to him, we are looking for comprehensive financial reform to create a more stable, more secure financial system and improve our enforcement strategy. Doing so will help stop the trend of financial fraud before they can cause widespread damage to the entire system of our economy.

Geithner acknowledged the government came into this crisis without the basic tools we need in rangkamengatasi damage. "That's why we work hard with the leaders of Congress to try to ensure that we get in place a set of tools and rules of procedure to ensure that we can manage failure," he said.

Department of Justice said Tuesday that 7641 people have pleaded guilty to financial crimes in 2009 in the United States. Meanwhile, the SEC said it has returned about 6.6 billion dollars to investors who are disadvantaged since 2002.

The task force was established just a few hours after authorities announced that more than 14,700 Americans with offshore bank accounts that are not known to come back to complete the tax after the offer of amnesty.

Government of Indonesia should be able to take a lesson from the U.S. and act decisively to combat rogue bankers in this country

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