Brunei

New Documents

The Monetary Authority of Brunei Darussalam issued a notice to financial institutions, calling for their participation in the central bank’s financial technology regulatory sandbox.

Brunei’s Financial Intelligence Unit signed a Memorandum of Understanding with the Anti-Money Laundering Council of the Philippines providing for cooperation in the exchange of financial intelligence related to anti-money laundering and counterterrorist financing investigations.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Brunei as a monitored jurisdiction. Brunei is not a regional financial center, but it does have a small offshore financial center. The country’s proximity to high-crime regions, a large foreign worker population and limited anti-money laundering/counterterrorist financing institutional capacity make Brunei vulnerable to cross-border criminal activity. Domestically, Brunei is a low threat country for money laundering and terrorist financing. Criminal proceeds generally originate in fraud, gambling, the drug trade and fuel smuggling. There are concerns about an increase in cybercrime and financial fraud such as pyramid schemes.
  • KYC Covered Entities: Banks; TAIB (Islamic financial institution); insurance companies; finance companies; mutual fund and securities dealers; money exchange companies; money remittance companies; registered agents and trustees; real estate agents; casinos (although there are none in Brunei); dealers in precious metals, precious stones, and jewelry; advocates, solicitors, notaries, other independent legal professionals and accountants; trust and company service providers
  • STR Covered Entities:  Banks; TAIB; insurance companies; finance companies; mutual fund and securities dealers; money exchange companies; money remittance companies; registered agents and trustees; real estate agents; casinos (although there are none in Brunei); dealers in precious metals, precious stones, and jewelry; advocates, solicitors, notaries, other independent legal professionals and accountants; trust and company service providers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (Jan. 1 – Nov. 5, 2015); Convictions: 0 (Jan. 1 – Nov. 5, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 5 Substantial :
Partially Compliant : 25 Moderate :
Non-Compliant : 16 Low :
Not-Applicable : 1

BASEL i

Rank : 82/162
Score : 5.84/10

TRANSPARENCY INTERNATIONAL i

Rank : 35/180
Score : 60/100

Tax Justice Network i

Rank : 125/133
Score : 78/100