BRUNEI has introduced sweeping anti-money laundering laws that grant enforcement agencies extensive powers to seize businesses, freeze accounts and compel individuals to list their assets through “unexplained wealth declarations”.
The creation of the Criminal Asset Recovery Order and amendments to Anti-Terrorism Order will provide authorities “stronger tools to address financial crime” said the Attorney General’s Chambers (AGC) in a media statement yesterday.
The new laws significantly enhance the powers of the Financial Intelligence Unit (FIU), giving them the authority to suspend transactions, access and review information related to the government, financial institutions or non-financial businesses and professions (NFBP) such as realtors, lawyers, accountants and jewellers.
All cash transactions above $15,000 made through these agents must be reported to FIU, failing which the individual could be jailed for up to five years and fined up to $50,000. The obligation is also extended to dealers of high-value goods, such as car dealerships.
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