Brunei Brunei

New Documents

APG Highlights Challenges in Implementing PF Framework, Beneficial Ownership Rules in Brunei

The Asia/Pacific Group on Money Laundering published its report on Brunei’s anti-money laundering and counterterrorist financing efforts, highlighting significant improvements in compliance and gaps that remain.

September 18, 2023

Brunei, Dubai Regulators Sign MoU to Enhance Regulatory Supervision

The Brunei Darussalam Central Bank and Dubai Financial Services Authority issued a joint statement highlighting their entry into a memorandum of understanding to enhance regulatory supervision.

May 26, 2023

Dubai Regulator Signs MoU with Brunei Darussalam Central Bank

April 4, 2023

Two Brunei Agencies Sign MoU to Combat Cyber Threats

January 19, 2022

Central Bank of Brunei Releases Amended FinTech Regulatory Sandbox Guidelines

January 12, 2021

News

Midweek Roundup: Ex-ICBC Bankers Allegedly Dodged Compliance Controls in Spain, Brexit Threatens 40,000 UK Banking Jobs, and More

Former U.S. ethics chief accuses President Trump of creating a kleptocracy, Brazil’s Odebrecht accepts penalty for laundering funds through Panamanian banks, and more, in the midweek roundup.

August 2, 2017

Enforcement Actions

0 Items Found

Key Documents

Brunei Amends AML Law

April 21, 2011

Brunei Criminalizes Terrorist Financing

July 18, 2011

Brunei Issues Regulation on Sanctions Related to Terrorist Financing

May 7, 2013

Brunei Establishes Fund for Assets Recovered from ML/TF Offenses

June 30, 2012

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 | 2013 Methodology

Technical Effectiveness
Compliant : 5 High : 0
Largely Compliant : 23 Substantial : 5
Partially Compliant : 10 Moderate : 5
Non-Compliant : 2 Low : 1

BASEL i

Rank : 82/162
Score : 5.84/10

TRANSPARENCY INTERNATIONAL i

Rank : 35/179
Score : 60/100

Tax Justice Network i

Rank : 125/133
Score : 78/100