27. Prohibition against shell banks

(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.