The Role of the Investment Alert Task Force as a Form of Consumer Protection Against Fraudulent Investments
DOI:
https://doi.org/10.37680/almanhaj.v6i1.4770Keywords:
Investment ; Consumer Protection ; Task ForceAbstract
This research delves into the function of the task force in bringing attention to questionable investments via consumer protection measures, particularly in cases when several individuals fall prey to fraud resulting from these questionable investments. The major foundation for integrating and improving law enforcement in the consumer protection sector is Law No. 8 of 1999 regulating consumer protection, which regulates consumer protection. The normative juridical approach, based on deductive inquiry that begins with the examination of legislative items, is the basis of this investigation. The foundational law for Indonesian investment rules is Law no. 25 of 2007, which addresses capital investment. The notion of "full disclosure" is one way that Law no. 8/1995 protects investors from potential harm. Other measures include harsh penalties for administrative infractions, criminal and civil litigation, illegal conduct, and defaults, as well as administrative penalties. Therefore, the government should be stricter in collecting public and consumer money for company licences, and the disadvantaged should take a more active role in selecting their financial investments to avoid falling victim to illicit ones.
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Abshor, M. R. U. (2023). Upaya Hukum Satgas Waspada Investasi Dalam Penanggulangan Investasi Fiktif. Jurnal Darma Agung, 30(3), 788–798.
Alhusban, A. A. A., Haloush, H. A., Alshurafat, H., Al-Msiedeen, J. M., Massadeh, A. A. M., & Alhmoud, R. J. (2020). The regulatory structure and governance of forensic accountancy in the emerging market: challenges and opportunities. Journal of Governance and Regulation/Volume, 9(4), 149–161.
Arrow, K. J., & Lind, R. C. (1978). Uncertainty and the evaluation of public investment decisions. In Uncertainty in economics (pp. 403–421). Elsevier.
Aziz, A. (2010). Sharia Investment Management. Bandung: Alfabeta, 5(1).
Belsky, G., & Gilovich, T. (2009). Why smart people make big money mistakes and how to correct them: Lessons from the life-changing science of behavioral economics. Simon and Schuster.
Brown, A., & Garcia, R. (2017). Legal and Trust Implications of Understanding Key Concepts in Consolidated Financial Reporting. Journal of Corporate Accounting & Finance, 28(1), 35-51.
Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85–105.
Cavallo, E., & Daude, C. (2011). Public investment in developing countries: A blessing or a curse? Journal of Comparative Economics, 39(1), 65–81.
Clarke, D., Murrell, P., & Whiting, S. (2008). The role of law in China’s economic development. In China’s great economic transformation (Vol. 11). chapter.
Davis, K. E., & Trebilcock, M. J. (2008). The relationship between law and development: optimists versus skeptics. The American Journal of Comparative Law, 56(4), 895–946.
Fainboim, I., Last, D., & Tandberg, E. (2013). Managing public investment. Public Financial Management and Its Emerging Architecture, 311–339.
Fariselli, P., Oughton, C., Picory, C., & Sugden, R. (1999). Electronic commerce and the future for SMEs in a global market-place: Networking and public policies. Small Business Economics, 12, 261–275.
Farzin, Y. H. (2004). Can stricter environmental standards benefit the industry and enhance welfare? Annales d’Economie et de Statistique, 223–255.
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265.
Hapsari, D. R. I., & Pratama, A. (2022). Regulation of Standard Banking Credit Agreements by the Indonesian Financial Services Authority: A Consumer Protection. KnE Social Sciences, 643–652.
Jamali, H., Asriati, A., & Arief, S. (2024). The Role of Brand Equity, Service Quality, and Organizational Commitment as Mediators of Lecturer Performance: A Study at the University of Muhammadiyah Makassar. Al-Buhuts, 20(1).
Kamala, N. S., & Fajar, M. A. (2020). INDONESIAN CAPITAL MARKET REACTION TO COVID-19 AS A GLOBAL PANDEMIC. SAR (Soedirman Accounting Review): Journal of Accounting and Business, 5(2), 120–137.
Kharisma, D. B. (2021). Urgency of financial technology (Fintech) laws in Indonesia. International Journal of Law and Management, 63(3), 320–331.
Kristianto, H., & Kupita, W. (2023). The Role of the OJK (Financial Services Authority) in Preventing Illegal Investment Activities in Legal Entities in the Form of Cooperatives. 3rd International Conference on Law, Governance, and Social Justice (ICoLGaS 2023), 355–364.
MacNeil, I. G. (2012). An introduction to the law on financial investment. Bloomsbury Publishing.
Mattei, U., & Nader, L. (2008). Plunder: when the rule of law is illegal. John Wiley & Sons.
McQuarrie, E. F., & Statman, M. (2016). How investors became consumers. Journal of Macromarketing, 36(3), 243–271.
Milbourne, R., Otto, G., & Voss, G. (2003). Public investment and economic growth. Applied Economics, 35(5), 527–540.
Mills, A. (2011). Antinomies of public and private at the foundations of international investment law and arbitration. Journal of International Economic Law, 14(2), 469–503.
Musonera, E., & Safari, V. (2008). Establishing a stock exchange in emerging economies: challenge and opportunities. The Journal of International Management Studies, 3(2).
Naylor, R. T. (2007). The alchemy of fraud: Investment scams in the precious-metals mining business. Crime, Law and Social Change, 47, 89–120.
Pakpahan, E. F., Kurniawan, E., Candra, K., & Yanti, S. (2020). THE ROLE AND AUTHORITY OF THE FINANCIAL SERVICES AUTHORITY (OJK) ON TRANSACTION SECURITY IN THE CAPITAL MARKET. Ius Civile: Refleksi Penegakan Hukum Dan Keadilan 4 (1).
Pakpahan, E. F., Winardi, A., Koharuddin, J., Young, K., & Putri, S. D. (2023). Peran Ojk Terhadap Kerugian Nasabah Yang Diakibatkan Oleh Manager Investasi Yang Tidak Memiliki Izin. Collegium Studiosum Journal, 6(2), 503–509. https://doi.org/10.56301/csj.v6i2.1082
Parameswaran, S. K. (2022). Fundamentals of financial instruments: An introduction to stocks, bonds, foreign exchange, and derivatives. John Wiley & Sons.
Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32(9), 1723–1742.
Santoso, W. (2022). The rights of victims of illegal investment crimes against confiscated goods. Unnes Law Journal, 8(2), 355–376.
Sen, S., & Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of Marketing Research, 38(2), 225–243.
Spears, S. A. (2010). The quest for policy space in a new generation of international investment agreements. Journal of International Economic Law, 13(4), 1037–1075.
Sternberg, R. J., O’Hara, L. A., & Lubart, T. I. (1997). Creativity as investment. California Management Review, 40(1), 8–21.
Suprapti, D. D., Fibrianti, N., & Maharani, A. M. (2022). Increasing Public Understanding of the Prevention and Complaints of Fraudulent Investments. Indonesian Journal of Advocacy and Legal Services, 4(2), 295–314.
Swensen, D. F. (2005). Unconventional success: A fundamental approach to personal investment. Simon and Schuster.
Syahwildan, M., & Soleha, E. (2023). The Influence of Financial Literacy and Financial Socialization on the Financial Management Behavior of Investors in Indonesia After the Covid 19 Pandemic. Jurnal Multidisiplin Madani, 3(11), 2262–2269.
Takalamingan, F. T. (2021). The Role of the Financial Services Authority in Supervising and Preventing the Establishment of Illegal Investment Companies in View of Law Number 21 of 2011. Lex et Societatis, 9(1).
Tambunan, D., & Hendarsih, I. (2022). Perspektif: Jurnal Ekonomi & Manajemen Universitas Bina Sarana Informatika Waspada Investasi Ilegal di Indonesia. Jurnal Ekonomi Dan Manajemen Akademi Bina Sarana Informatika. Https://Doi. Org/10.31294/Jp. V20i1.
Waelde, T., & Kolo, A. (2001). Environmental regulation, investment protection and ‘regulatory taking’in international law. International & Comparative Law Quarterly, 50(4), 811–848.
Waibel, M. (2010). The backlash against investment arbitration: perceptions and reality. Kluwer Law International BV.
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Published
2024-07-11
How to Cite
Pakpahan, E. F., Hulu, A. L., Purba, E., & Siregar, J. Y. (2024). The Role of the Investment Alert Task Force as a Form of Consumer Protection Against Fraudulent Investments. AL-MANHAJ: Jurnal Hukum Dan Pranata Sosial Islam, 6(1), 221–234. https://doi.org/10.37680/almanhaj.v6i1.4770
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