Overview

The Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam considers money laundering and terrorist financing issues as one of its top priorities.  As such, Brunei Darussalam strives to strengthen its financial system and legal and regulatory framework in order to enhance a more conducive environment for increased foreign direct investments.

Brunei Darussalam is a member of the Asia Pacific Group on Money Laundering (APG) since December 2002 – the regional watchdog for AML/CFT standards. APG members are required to comply with the Financial Actions Task Force (FATF) 40 + 9 Special Recommendations including the establishment of the FIU (Recommendations 26).

Financial Intelligence Unit Brunei Darussalam (FIUBD) was established in February 2007, as a unit within the Financial Institutions Division, Ministry of Finance. FIUBD functions as an Administrative Type of FIU.

 
OBJECTIVES OF FIUBD:

1.     To ensure the integrity and stability of the financial system in order to promote Brunei Darussalam as a respected and dynamic financial system in general, and a international financial centre in particular;

2.     To foster and improve regional and international cooperation in the area of combating financial related crimes such as money laundering and financing of terrorism;

3.     To comply with the Financial Actions Task Force (FATF) 40 Recommendations + 9 Special Recommendations.
 

FUNCTIONS OF FIUBD:

1.     RECEIVE, ANALYSE AND DISSEMINATE STRs (CORE FUNCTIONS):

•          To RECEIVE suspicious transactions reports regarding possible money laundering and terrorist financing activities from reporting institutions;

•          To ANALYSE financial information arising from reports;

•          To DISSEMINATE such information to LAW ENFORCEMENT AGENCIES for immediate action .

2.     Spearhead national efforts in combating ML/FT and meeting with international standards. 

3.     Act as Secretariat to the National Anti Money Laundering Committee (NAMLC).

4.     Provide recommendations or guidance to supervisory authorities, enforcement agencies, reporting institutions on AML/CFT initiatives.