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Indonesia: Enhancing Transparency of State-Owned Enterprises in the Extractive Sector
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FSVC, with funding support from the Norway-based Extractive Industries Transparency Initiative (EITI), is implementing a new program to strengthen the transparency and accountability of Indonesia’s State-Owned Enterprises (SOEs) operating in the extractive industries. This initiative comes at a pivotal moment, as recent Indonesian regulatory reforms under the 2025 SOE Law and 2025 Mining Law expand SOE participation across the mineral value chain and introduce new disclosure obligations aligned with the 2023 EITI Standard.
Through this program, FSVC is assessing SOE disclosures on ownership, revenues, and financial transactions with government, mapping their roles from exploration to export, and identifying gaps in reporting on state participation, in-kind revenues, and off-budget or quasi-fiscal expenditures. Working closely with Indonesia’s EITI National Secretariat, the Ministry of SOEs and other key stakeholders, FSVC is developing a standardized SOE reporting template and practical recommendations to enhance disclosure and compliance.
By strengthening transparency and governance, this initiative will help Indonesia ensure greater accountability in the management of critical minerals such as nickel, copper and tin, while advancing alignment with global standards for responsible and sustainable resource governance.
FSVC is proud to support Indonesia’s continued leadership in extractive sector transparency and looks forward to sharing progress and results from this important collaboration.
Tajikistan: Strengthening Capacity to Address Virtual Asset Risks in Counter-Terrorism Financing
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FSVC training for law enforcement agencies, supervisory institutions, and the Ministry of Finance on enhancing investigative and regulatory capacities related to cryptocurrency and virtual assets, Dushanbe, Tajikistan. June 2025.
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FSVC, with support from the U.S. Department of State, is implementing a program in Tajikistan, Nigeria, and Kosovo aimed at strengthening governments’ ability to combat terrorism financing through crowdfunding, safeguard the non-profit sector, and address emerging risks associated with virtual assets (VAs).
As part of this initiative, FSVC recently conducted a training in Dushanbe, Tajikistan, focused on enhancing investigative and regulatory capacities related to cryptocurrency and VAs. The program brought together representatives from law enforcement agencies, the central bank’s Financial Monitoring Department, and supervisory institutions to tackle emerging virtual asset risks, particularly those related to countering the financing of terrorism (CFT).
FSVC volunteer experts Dwayne King and Dina Mainville introduced the foundations of blockchain technology, digital assets, anti-money laundering typologies, and blockchain tracing tools. Participants engaged in in-depth sessions on wallet tracing, obfuscation typologies, virtual asset service provider engagement strategies, and cross-border investigative methods.
The training combined advanced case studies, a simulated investigation scenario, and breakout discussions to identify institutional priorities and collaboration opportunities. As a result, participants significantly strengthened their ability to analyze suspicious cryptocurrency transactions and apply blockchain forensics in real-world investigations. Institutions also gained deeper understanding of various VA typologies, including privacy coins, tokens, and decentralized exchange services.
FSVC looks forward to building on these achievements to advance cryptocurrency oversight and CFT capacity in Tajikistan and the other program countries.
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FSVC Launches New Regional Program to Strengthen Extractive Industry Transparency in Central Asia
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Astana, Kazakhstan
Transparent and accountable governance of natural resources is essential for ensuring sustainable, inclusive economic development. With support from the UK Foreign, Commonwealth & Development Office (FCDO), FSVC has launched a new program to strengthen extractive industry transparency and accountability in Kazakhstan and Tajikistan.
This program will help partner countries close key gaps identified in their recent Extractive Industries Transparency Initiative (EITI) Validations and prepare for compliance with the expanded 2023 EITI Standard. Through practical technical assistance and capacity-building, the program will strengthen disclosure practices, improve engagement with civil society and marginalized communities, and promote collaboration among government, private sector and media actors. The program will also establish the Central Asia EITI Learning Network to facilitate regional peer learning and coordination on extractive governance.
In this way, FSVC’s program will bolster transparency and accountability in extractive industry governance, helping reduce corruption risks and build investor confidence. By empowering multi-stakeholder groups and civil society to monitor and report on extractive activities, the initiative will promote inclusive, sustainable development and ensure that the benefits of natural resources are shared equitably.
FSVC is proud to support Kazakhstan, Tajikistan and partner countries across Central Asia in advancing responsible resource governance and contributing to a more transparent, equitable and sustainable economic future for the region. We are deeply grateful to the UK Government for their support of this important work.
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About Us
The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries. It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life. FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts. Over the past 35 years, more than 10,000 volunteer experts from the international financial, legal and regulatory communities have taken part in 4,000 missions, impacting millions of people in 70 countries.
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Help support FSVC’s mission! Private contributions are critical, as they help build the working capital foundation required to support the establishment of new programs and the exploration of new opportunities.
Your contribution to FSVC, a 501(c)(3) organization, is tax-deductible to the extent permitted by law.
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