Brunei: Law of Offshore
Table of Statutes
This is a non-exhaustive list of the main Brunei statutes affecting offshore and non-resident business. The statutes are listed in alphabetical order – click on the statute for a fuller description of the statute, the legal regime it forms part of, or in some cases the text of the law.
Criminal Conduct (Recovery of Proceeds) Order (see below)
International Banking Order 2000
International Business Companies Order 2000
International Limited Partnerships Order 2000
International Trusts Order 2000
International Insurance and Takaful Order 2000
Money Laundering Order (see below)
Mutual Fund Order 2001
Registered Agents and Trustees Licensing Order 2000
Securities Order 2001
As a sovereign nation of high repute, Brunei served notice at the outset that criminal abuses of its financial systems would not be tolerated. The country took these steps voluntarily, rather than under pressure. This reflects responsible economic and social attitudes. Similarly, participation in international regulatory groups has been, and is being, extended.
The first tranche of IFC legislation therefore included Money-Laundering and Criminal Conduct (Recovery of Proceeds) measures implemented to international standards. Strict Drug Trafficking legislation has been in place for some time. Moreover, meaningful and enforceable regulation of the Trust, Company Administration, Insurance and Banking industries was legislated for and established before these activities commenced.
It should be noted that the Money Laundering Order, the Criminal Conduct (Recovery of Proceeds) Order, the Mutual Funds Order and the Securities Order apply to regulate those areas both domestically and internationally.