Financial Crime World

Title: Brunei Darussalam Strengthens Its Fight against Money Laundering and Terrorist Financing

Assessment by the Financial Action Task Force (FATF) Reveals Progress

According to a recent evaluation by the Financial Action Task Force (FATF), Brunei Darussalam has made significant strides in enhancing its measures against money laundering (ML) and terrorist financing (TF).

AML/CFT System Assessment

  • The on-site Mutual Evaluation Report (MER) from November 17, 2022, reveals a generally effective AML/CFT system in Brunei Darussalam.
  • This is the first evaluation since 2015.

Significant Progress

The FATF acknowledges the following advancements Brunei Darussalam has made:

  • Legal and regulatory framework
  • Risk assessment capabilities
  • International cooperation efforts

Remaining Concerns

Despite progress, there are concerns regarding the effectiveness of supervision and enforcement measures. The FATF recommends improvements in the following areas:

  • Enhanced risk-based supervision
  • Strengthened enforcement measures
  • Improvements to the legal framework for beneficial ownership information

These improvements ensure Brunei Darussalam’s AML/CFT system:

  • Responds to evolving threats
  • Supports global efforts against ML and TF
  • Protects the financial sector from potential risks

Brunei Darussalam continues its commitment to addressing FATF’s main concerns and building a more robust and effective AML/CFT framework.