Section 27
of Criminal Asset Recovery Order, 2012
Section 27
(1)
No person shall establish or operate a shell bank in Brunei Darussalam.
(2)
Any person who establishes –
(a)
a shell bank in Brunei Darussalam; or
(b)
enters into or continues business relations with a shell bank or a respondent financial institution in a foreign country that permits its account(s) to be used by a shell bank, is guilty of an offence and liable on conviction to a fine not exceeding $1,000,000, imprisonment for a term not exceeding one year or both, and, in the case of a continuing offence, to a further fine of $100,000 for every day during which the offence continues after conviction.
Incorporating amendments until S 22/2017
(Cleancopy) NHN/Amiriah/Bb/Karimah as of 26.12.2019
*Note: amendment on page 7,75,81,123 on 11.01.2020
39
BLUV as at 11th March 2017
Compliance with obligations by foreign subsidiaries and branches.