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bruneilawsby aturio
In forceAs enacted
Contents

Chapter II

15. Obligation to report suspicious transactions

(1)

Subject to subsection (2), financial institutions, designated non-financial businesses and professions, and their respective directors, principals, officers, partners, professionals and employees, that suspect or have reasonable grounds to suspect that a transaction or attempted transaction involving property is related or linked to a serious offence or a money laundering offence to shall submit promptly after forming a suspicion a report setting forth the suspicions to the Financial Intelligence Unit.

(2)

Notwithstanding subsection (1), advocates and solicitors, notaries, other independent legal professions and accountants are required to submit reports only when-

{a)

they engage, on behalf of or for a client, in a financial transaction in relation to the following activities -

(i)

buying and selling of real estate;

[ii)

managing of client money, securities or other assets;

(iii)

managing of bank, savings or securities accounts;

(iv)

organisation of contributions for the creation, operatior:_ or management of companies; and

(v)

creation, operation or management of legal persons or arrangements, and buying and selling of business entities; and

{b)

the relevant information upon which the suspicion is based was not received from or obtained on a client -

(i)

in the course of ascertaining the legal position of their client;

or

(ii)

in performing their task of defending or representing that client in, or concerning judicial, administrative, arbitration or mediation proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after proceedings.

(3)

The Financial Intelligence Unit on reasonable grounds to suspect that a transaction or attempted transaction may involve a money laundering offence, serious offence or a terrorist financing offence direct in writing that the reporting institution concerned either proceed or refrain from proceeding with the transaction or attempted transaction for a period to be determined by the

Financial Intelligence Unit:

Provided that

{a)

any direction must not exceed 5 business days if the direction is in writing;

(b)

any direction given orally must not exceed 24 hours and must be confirmed in writing within 24 hours of the oral direction;

(c)

before the expiration of 5 days direction the Financial Intelligence

Unit may apply to the Court for an extension of the period of the direction.

{4)

Notwithstanding subsection {1), trust and company service providers are required to submit reports when they prepare for or carry out a transaction on behalf of a client, in relation to the following activities -

(a)

acting as a formation agent of legal persons;

(b)

acting as {or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;

(c)

providing a registered office; business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;

{d)

acting as {or arranging for another person to act as) a trustee of an express trust;

(e)

acting as {or arranging for another person to act as) a nominee shareholder for another person.

(5)

The relevant supervisory authorities of designated non-financial businesses and professions shall inform the Financial Intelligence Unit if, in the course of their duties, they discover facts that could be related to a money laundering offence or serious offence.

(6)

The Authority shall issue directions or guidelines on the procedures for and from which the reports shall be submitted and shall publish guidelines in order to assist financial institutions or designated non-financial businesses and professions to fulfill their obligations under this section.

Obligation to report cash transactions.

Report

Read on from s 16

Chapter III

Read on from Chapter III

Part III

Cross Border Movements of Physical Currency and Bearer Negotiable Instruments

Read on from Part III

Part IV

Restraining Orders, Confiscation Orders, Benefit Recovery Orders, Non-Conviction Based Forfeiture Orders and Unexplained Wealth Declarations

Read on from Part IV

Chapter IV

Read on from Chapter IV

Chapter LI

Read on from Chapter LI

Part VI

Read on from Part VI

Part VII

Read on from Part VII

Part VIII

General

Read on from Part VIII