Financial Crime World

IWC Briefing: Enhancing Awareness on National Anti-Money Laundering and Combating the Financing of Terrorism Initiatives

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The Intelligence Working Committee (IWC) recently received a presentation from the National Anti-Money Laundering and Combating the Financing of Terrorism Committee (NAMLC) on updates to the National Risk Assessment 2016. The briefing aimed to enhance awareness among relevant government stakeholders on the country’s AML/CFT initiatives.

National Anti-Money Laundering and Combating the Financing of Terrorism Committee

The NAMLC serves as a strategic body that coordinates, implements, and monitors national AML/CFT initiatives. The committee formulates policies, provides advisory roles, and directs working-level objectives to address operational issues. NAMLC works closely with various stakeholders, including:

  • Law enforcement agencies
  • Other competent authorities
  • Financial institutions
  • Designated non-financial businesses and professions (DNFBPs)

Mutual Evaluation by Asia/Pacific Group on Money Laundering

The Asia/Pacific Group on Money Laundering (APG) conducted a Mutual Evaluation of Brunei Darussalam in 2020. The assessment evaluated the country’s technical compliance with the Financial Action Task Force (FATF) Recommendations and its effectiveness in implementing AML/CFT measures.

Updates to National Risk Assessment 2016

The NAMLC recently endorsed updates to the National Risk Assessment 2016, which analyzed a wide range of predicate offenses and additional factors. The top four highest money laundering threats for Brunei Darussalam are:

  • Cheating (including forgery)
  • Smuggling of alcohol & tobacco
  • Corruption & bribery
  • Criminal breach of trust

The findings were based on a weighted assessment of various indicators, including:

  • Number of predicate offense investigations initiated
  • Money laundering investigations
  • Prosecutions

Implications for National Security

The updates to the National Risk Assessment 2016 highlight the importance of AML/CFT measures in preventing the misuse of financial systems. The NAMLC’s efforts aim to enhance the country’s ability to combat money laundering and terrorist financing, thereby protecting national security interests.

Recommendations

To further strengthen AML/CFT initiatives, the IWC recommends:

  • Enhanced cooperation among relevant government agencies and stakeholders
  • Improved information sharing and coordination on suspicious transactions reports
  • Strengthening of laws and regulations related to AML/CFT
  • Increased public awareness campaigns to prevent money laundering and terrorist financing

By working together to combat money laundering and terrorist financing, the IWC is committed to enhancing national security and protecting the country’s financial system.