Brunei Darussalam’s Anti-Money Laundering and Combating the Financing of Terrorism Efforts
Enhancing the Anti-Money Laundering and Combating the Financing of Terrorism Regime in Brunei Darussalam
It appears that you’ve provided a report from the Financial Intelligence Unit (FIU) of Brunei Darussalam, covering various activities and initiatives related to anti-money laundering (AML) and combating the financing of terrorism (CFT). Here’s a summary:
Integrated Financial Intelligence System (IFIS)
Launched on June 12, 2014, IFIS is a secure online reporting facility for submitting reports to the FIU. It’s designed to improve efficiency in data management and ensure timely feedback to reporting entities.
National Anti-Money Laundering and Combating the Financing of Terrorism Committee (NAMLC)
NAMLC serves as a strategic body that coordinates, implements, and monitors AML/CFT initiatives. It’s jointly chaired by the Permanent Secretary (Law & Welfare) and the Permanent Secretary (Policy), Ministry of Finance.
National Risk Assessment on Money Laundering and Terrorism Financing (NRA)
Brunei Darussalam conducted its first NRA in 2016, with assistance from the World Bank. The assessment aimed to identify ML and TF risks and mitigate them through proper allocation of resources.
Working Groups
Eight working groups were established to assess data and information gathered during the NRA project. Each group drafted individual subgroup reports submitted to the World Bank for preliminary comments.
- Group 1: Financial Institutions
- Group 2: Real Estate Sector
- Group 3: Law Enforcement Agencies
- Group 4: Professional Bodies
- Group 5: Civil Society Organizations
- Group 6: International Cooperation
- Group 7: Technical Assistance and Capacity Building
- Group 8: Research and Development
Financial Intelligence Unit and Banking Sector Update Meeting
The FIU organizes biannual meetings with compliance officers from banks and finance companies to discuss AML/CFT compliance issues, share awareness on current trends in suspicious transaction reports (STRs), and typologies.
These initiatives demonstrate Brunei Darussalam’s efforts to enhance its AML/CFT regime, comply with international standards, and mitigate ML and TF risks.