Criminal Asset Recovery Order, 2012 · s 27

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s 27Prohibition against shell banks

(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,

BRUNEI DARUSSALAM GOVERNMENT GAZETTE 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.