Brunei Introduces Beneficial Ownership Requirements for Companies

The Brunei government has implemented a new regulatory framework that requires certain companies in the country to disclose their beneficial owners. This initiative aims to enhance transparency and accountability within Brunei’s corporate sector, and is part of a broader effort to prevent illicit activities such as money laundering and tax evasion.

New Regulatory Framework: Key Requirements

• Companies incorporated on or after October 31st must submit details of their registrable controllers within 30 days of incorporation.
• Companies already established before the specified deadline have until December 31st, 2020 to file this information with the Ministry of Finance and Economy.

Compliance and Penalties

Companies found to be in breach of the regulations may face penalties of up to BND 5,000 (approximately USD 3,700 or EUR 3,160). The government has emphasized the importance of compliance with these new requirements.

Benefits of Enhanced Transparency

The introduction of beneficial ownership requirements is aimed at:

• Enhancing transparency and accountability within Brunei’s corporate sector
• Preventing illicit activities such as money laundering and tax evasion
• Improving the overall regulatory environment in Brunei

By implementing this new framework, the Brunei government is taking a proactive step towards promoting a more transparent and accountable business environment.