Banker's Academy AML Training by Country

Anti Money Laundering (AML) By Country: Brunei Darussalam

Anti Money Laundering (AML) in Brunei Darussalam

Money laundering in Brunei is not a major concern, as it is not known to be a money laundering center despite being an offshore financial center. The country, however, is still vulnerable to illegal operations, since its neighboring countries enforce stricter financial regulations and criminals seek to do business elsewhere. Therefore, the government of Brunei has taken proactive steps to combat money laundering and terrorist financing.

In 2000, the Bruneian government adopted AML legislation referred to as the Money Laundering Order and created a presiding organization called the National Anti Money Laundering Committee. Brunei also implemented an asset seizure and forfeiture law, and the Criminal Conduct (Recovery of Proceeds) Order. In 2002, the government criminalized the financing of terrorism with the passing of the Anti Terrorism (Financial & Other Measures) Order.

In addition, in 2007 the government established a Financial Intelligence Unit (FIU) in accordance with the Money Laundering Order of 2000. The Brunei Financial Intelligence Unit is part of the Financial Institutions Division within the Ministry of Finance.

AML Training in Brunei Darussalam

The Money Laundering Order, the Drug Trafficking Recovery of Proceeds Act and the Anti Terrorism Financial and other Measures Orders Act, require financial institutions in Brunei Darussalam to create and implement effective Anti Money Laundering and Counter Terrorist Financing (AML/CTF) training programs.

The Economy of Brunei Darussalam

Brunei’s economy encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for just over half of GDP and more than 90% of exports. It is the third largest oil producer in Southeast Asia, producing 163,000 barrels per day, and is the fourth largest producer of liquefied natural gas in the world.

The government provides for all medical services and free education through the university level, and subsidizes rice and housing. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion. Plans for the future include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, and, in general, further widening the economic base beyond oil and gas.

Banking in Brunei Darussalam

There is no Central Bank in Brunei. Instead, the Brunei Currency Board is the main banking supervisory organization in the country. The Brunei Currency Board has the sole responsibility of issuing the national currency, the Brunei dollar.

Bruneian Currency

Brunei’s currency is the Brunei dollar. Banknotes are available in $1, $5, $10, $25, $50, $100, $500, $1,000 and $10,000 denominations. Coins are available in 1, 5, 10, 20 and 50 cent denominations.