Comparative study of personal data protection regulations in Indonesia, Hong Kong and Malaysia

Sudarwanto, Al. Sentot; Kharisma, Dona Budi

doi:10.1108/jfc-09-2021-0193

Cited by 17 publications

(12 citation statements)

References 26 publications

(46 reference statements)

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“…However, in the case of investment fraud, the perpetrators of the crime are not burdened with the obligation of restitution. This situation causes the perpetrator to not have an attitude of responsibility for any losses caused by the perpetrator to the victim (Sudarwanto and Kharisma, 2021).…”

Section: Resultsmentioning

confidence: 99%

Law enforcement against investment fraud: a comparison study from the USA and Canada with a case study on binary options in Indonesia

Sudarwanto

Kharisma

2023

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Purpose This study aims to propose a law enforcement strategy for investment fraud through comparative studies in the United States of America (USA), Canada and Indonesia, and to identify the factors that cause weak law enforcement on investment fraud with the object of a binary options case study in Indonesia. Design/methodology/approach This research is a type of legal research, namely, research based on legal materials (library-based). The legal materials used include primary legal materials and secondary legal materials. The approaches used are the statute approach, the case approach and the comparative approach. The data collection technique used in this research is a literature study. The analysis was carried out qualitatively by using an interactive model. Findings In 2022, the Indonesian Financial Services Authority (OJK) recorded that the total value of public losses because of investment fraud in Indonesia reached 117.4tn IDR. Weak law enforcement is the reason investment fraud thrives in society. Strategies that can be implemented to prevent investment fraud include early detection of new investment fraud modes through the whistleblower program, mutual legal assistance in criminal matters, criminal restitution and improvement of public financial literacy. Research limitations/implications This study examines the problems of law enforcement against investment fraud with a case study of binary options in Indonesia. A law enforcement strategy is built on identifying issues and adopting law enforcement policies against investment fraud in Canada and the USA. Practical implications For individuals, the results of this research can be used as reading material to increase their understanding of investment fraud. For the government, the results of this study can be a reference in an effort to eradicate the rise of investment fraud cases more effectively and create a safe digital economic space for investors. Social implications The results of this study are expected to be useful in providing recommendations for strategies to strengthen law enforcement against the problems of investment fraud cases so as to form a conducive investment climate in the sense of being safe, comfortable and profitable. Originality/value Legal frameworks to prevent investment fraud are rarely discussed. The rise in binary options cases that occur is an indication of weak law enforcement in the investment sector. Therefore, an in-depth study of law enforcement strategies to prevent investment fraud is needed, with comparative studies in the USA, Canada and Indonesia.

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Section: Resultsmentioning

confidence: 99%

Law enforcement against investment fraud: a comparison study from the USA and Canada with a case study on binary options in Indonesia

Sudarwanto

Kharisma

2023

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“…The comparative approach compares the laws of one country to that of other countries or the laws of one period to another (Marzuki, 2019; Sudarwanto and Kharisma, 2021). The regulations compared in this study contain ICA regulations implemented in Indonesia, Malaysia, the USA and the UK.…”

Section: Methodsmentioning

confidence: 99%

Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches

Wiwoho,

Trinugroho,

Kharisma

et al. 2023

IJLMA

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Purpose The purpose of this study is to formulate a governance and regulatory framework for Islamic crypto assets (ICAs). A balanced regulatory framework is required to protect consumers and to encourage digital Islamic finance innovation. Design/methodology/approach This study focuses on Indonesia and compares it to other countries, specifically Malaysia and the UK, using statutory, comparative and conceptual research approaches. Findings The ICAs are permissible (halal) commodities/assets to be traded if they fulfil the standards as goods or commodities that can be traded with a sale and purchase contract (sil’ah) and have an underlying asset (backed by tangible assets such as gold). Islamic social finance activities such as zakat and Islamic microfinance activities such as halal industry are backed by ICAs. The regulatory framework needed to support ICAs includes the Islamic Financial Services Act, shariah supervisory boards, shariah governance standards and ICA exchanges. Research limitations/implications This study only examined crypto assets (tokens as securities) and not cryptocurrencies. It used regulations in several countries with potential in Islamic finance development, such as Indonesia, Malaysia and the UK. Practical implications The ICA regulatory framework is helpful as an element of a comprehensive strategy to develop a lasting Islamic social finance ecosystem. Social implications The development of crypto assets must be supported by a regulatory framework to protect consumers and encourage innovation in Islamic digital finance. Originality/value ICA has growth prospects; however, weak regulatory support and minimal oversight indicate weak legal protection for consumers and investors. Regulating ICA, optimising supervision, implementing shariah governance standards and having ICA exchanges can strengthen the Islamic economic ecosystem.

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“…Crime or fraud is defined as an act of intentional deception or dishonesty perpetrated by one or more individuals (Frey and Black, 1934). The crime in question means that crime is an act of dishonesty or deception committed by one or more individuals which are generally carried out for financial gain (Sudarwanto and Kharisma, 2021). Crime in the capital market is a typical crime committed by capital market subjects/parties.…”

Section: Literature Reviewmentioning

confidence: 99%

Comparative study of disgorgement and disgorgement fund regulations in Indonesia, the USA and the UK

Kharisma

Hunaifa

2022

JFC

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Purpose The purpose of this paper is two-fold: to analyze the legal issues on disgorgement and disgorgement funds in Indonesia, the USA and the UK and to construct the ideal law regarding disgorgement and disgorgement fund. Design/methodology/approach The type of legal research in this paper is normative legal research. The research approach used is a comparative approach and a legal approach. The legal materials used are all regulations on the disgorgement law and the disgorgement fund that apply in Indonesia, the USA and the UK. The technique of collecting legal materials is done by using library research techniques. Findings The rapid growth of the capital market in Indonesia still faces various legal issues such as various market manipulations, insider trading and illegal investment management activities. Based on the results of a comparative study, Indonesia does not yet have a calculation mechanism regarding the imposition of disgorgement on violators. Unlike Indonesia, the USA has the rules of practice and rules on fair funds and exchange commissions, and the UK has the decision procedure and penalties manual, which regulates the mechanism for calculating the imposition of disgorgement. Indonesia is solely able to use administrative action in imposing disgorgement, while in the USA and the UK, it can be through courts or direct administrative actions. These legal issues have resulted due to the lack of confidence by international investors and the growth of the investment climate in Indonesia itself. Research limitations/implications This study examines the regulation of disgorgement and disgorgement funds in Indonesia, the USA and the UK. However, the focus of research in this paper is limited to legal issues that occurred in Indonesia. Practical implications The results of this study may help to construct the ideal regulations on disgorgement and disgorgement funds in various countries and protect the capital market of the investors. Social implications The results of this study are expected to be helpful for the investment climate in various countries, especially developing countries. Originality/value The ideal legal construction regarding disgorgement, namely, parties to the mechanism for imposing disgorgement; disgorgement filing mechanism; sanctions in disgorgement; disgorgement fund sources; provider of fundholding accounts; mechanism for calculating disgorgement imposition; disgorgement fund distribution mechanism.

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Comparative study of personal data protection regulations in Indonesia, Hong Kong and Malaysia

Cited by 17 publications

References 26 publications

Law enforcement against investment fraud: a comparison study from the USA and Canada with a case study on binary options in Indonesia

Law enforcement against investment fraud: a comparison study from the USA and Canada with a case study on binary options in Indonesia

Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches

Comparative study of disgorgement and disgorgement fund regulations in Indonesia, the USA and the UK

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