Financial Crime World

Brunei Darussalam Steps Up Efforts to Combat Fintech-Related Financial Crimes

International Standards Drive National Efforts

The small Southeast Asian nation of Brunei Darussalam is ramping up its efforts to combat financial crimes related to fintech, with a focus on money laundering and terrorism financing. The country’s first National Risk Assessment (NRA) was completed in 2016, identifying key risks in the sector.

Global Standards: A Driving Force

The Financial Action Task Force (FATF), an inter-governmental organization that sets global standards for combating financial crimes, has been a driving force behind Brunei Darussalam’s efforts. The country is committed to meeting FATF recommendations, which aim to tackle money laundering, terrorist financing, and the financing of proliferation.

National Committee Takes the Lead

The National Anti Money Laundering and Combating the Financing of Terrorism Committee (NAMLC) plays a crucial role in coordinating Brunei Darussalam’s efforts. Chaired by the Deputy Minister of Finance and Economy, the committee brings together key stakeholders from various government agencies, including:

  • Royal Brunei Police Force
  • Brunei Darussalam Central Bank
  • Attorney General’s Chambers

Key Objectives

The NAMLC has several key objectives, including:

  • Developing national policies to combat money laundering and terrorist financing
  • Reviewing and amending relevant legislation
  • Examining guidance notes and considering recommendations for action plans

Financial Intelligence Unit Takes Centre Stage

Brunei Darussalam’s Financial Intelligence Unit (FIU) is at the forefront of combating fintech-related financial crimes. The FIU works closely with supervisory authorities, enforcement agencies, and reporting institutions to provide guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) initiatives.

Commitment to Combating Fintech-Related Financial Crimes

Brunei Darussalam is committed to preventing money laundering, terrorism financing, and other related financial crimes that can disrupt its economy and security. The country’s efforts are focused on ensuring that fintech companies operate within a robust regulatory framework, with the ultimate goal of maintaining the integrity of the financial system.