The Financial Transaction Reports Analysis Center (PPATK), the country's anti-money laundering agency, has signed agreements with its counterparts in Bermuda and the Republic of Mauritania to boost cooperation in the fight against white-collar crime.

The Memorandum of Understandings (MoU), which were signed during the annual meeting of anti-money laundering agencies grouped under the Egmont Group last week, focus on enhancing cooperation in the exchange of financial information, particularly relating to money laundering and corruption, a PPATK statement said Sunday.

Bermuda and Mauritius are rapidly becoming two of the world's top financial centers. Both countries regularly experience major offshore banking transactions.

Mauritius alone has attracted more than 9,000 offshore businesses to date this year, with total investment reaching US$1 billion in the financial sector alone.

This has led to suspicions that white-collar criminals may take advantage of the situation.

"We need to improve cooperation given the fact that many Indonesian criminals launder the proceeds of crime in other countries," PPATK chief Yunus Husein said in the statement.

The MoUs also outline the sharing of information to fight money laundering practices related to terrorist activities.

"Such cooperation is also part of our effort to establish good relationships with member countries of The Egmont Group," Yunus said.

The members of the Brussels-based Egmont Group, established in 1995, are Financial Intelligence Unit (FIUs) members from around the world.

Indonesia has signed 20 similar agreements with FIUs, including from the Philippines, Australia, Thailand, Malaysia, Italy, Spain and Japan.

Earlier this year, PPATK submitted 430 reports regarding suspicious transactions in 2006 to law enforcement agencies. Of this total, 425 cases were handed over to the police, while the remaining five cases were forwarded to prosecutors.

PPATK is awaiting amendments to the Money Laundering Law, which is currently under deliberation in the House of Representatives.

Amendments to the law are expected to give the agency power to investigate suspicious transactions in more detail and will also require more institutions and individuals to submit financial transaction reports.