International Banking Order, 2000 · As enacted · Part III
Section 17
Official textFrom Attorney General's Chambers, unchanged
(1} If it appears to the Authority that there are reasonable grounds for suspecting that there is or is likely to be a contravention of any provision of this
the Authority
"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
Order, or of any other written law or if there is Jikely to be an offence in Brunei
written law
"written law" includes all Acts, Enactments and Proclamations, and subsidiary legislation, or any part thereof, but does not include any Act of Parliament not any Order of Her Britannic Majesty in Council, Royal Charter or Royal Letter Patent nor any law which no authority in Brunei Darussalam is empowered to amend; {2) Subject to subsection (3}, in this Order a "deposit" is a sum of money paid on terms under which it will be repaid (with or without interest margin, yield, mark·up or premium}. and either on demand or on such terms at such time 1044 or in such circumstances agreed by or on behalf of the person making the payment and the person receiving it. (3) Notwithstanding subsection (2}, a sum of money is not a deposit if~ {a} it is paid by way of advance or part payment for the sale, hire or other provision of property or services and is repayable only in the event that the property ot those services is or are not in fact sold, hired or otherwise provided; (b) it is paid by way of security for payment for the prov1s1on of property or services provided or to be provided by the person by whom or on whose behalf the money is accepted; {c) it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or in any other manner; {d) it is a sum of money that is a loan made by a person in the course of a business of lending money carried on by him, to any other person, except a licensee or a bank which is licensed under the Banking Act or the Islamic Banking Act; or (e) it is a sum of money that is paid by one institution to another at a time when one of them is a subsidiary or affiliate of the other or both are subsidiaries or affiliation of another institution in terms of the definition of subsidiary, parent, holding an affiliate institutions set forth in Part II of the First Schedule. (4) For the purposes of this Order, "international banking business" is banking business which does not (except with the prior written consent of the Minister in each case given on such conditions as he considers desirable) involve- (a) taking deposits from, leading money to or otherwise conducting banking business with any person resident in Brunei Darussalam, other than- (i) a licensee; (ii) an international business company; (iii) a foreign international company; (iv) an international limited partnership; (v) an international trust; or BRUNEI DARUSSALAM GOVERNMENT GAZETTE lvi) a person licensed under the Registered Agents and Trustees Licensing Order, 2000; or (b) making available accounts denominated in, lending money in or otherwise conducting banking business in the currency of Brunei Darussalam. (5) (a} For the purposes of this Order, "international Islamic banking business" is international banking business conducted by an institution which may be foreign-owned or controlled but whose aims or operations shall not be detrimental to the interests of Islamic banking business.
Darussalam to which the Emergency (Drug Trafficking) (Recovery of Proceeds)
Order, 1996 [S12/96) or the Criminal Conduct [Recovery of Proceeds) Order, 2000
applies, or the Money·Laundering Order, 2000, he may apply to the High Court for an order under this section.
Terms defined in s 2
the Authority
Defined · s 2"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
written law
Defined · s 2"written law" includes all Acts, Enactments and Proclamations, and subsidiary legislation, or any part thereof, but does not include any Act of Parliament not any Order of Her Britannic Majesty in Council, Royal Charter or Royal Letter Patent nor any law which no authority in Brunei Darussalam is empowered to amend; {2) Subject to subsection (3}, in this Order a "deposit" is a sum of money paid on terms under which it will be repaid (with or without interest margin, yield, mark·up or premium}. and either on demand or on such terms at such time 1044 or in such circumstances agreed by or on behalf of the person making the payment and the person receiving it. (3) Notwithstanding subsection (2}, a sum of money is not a deposit if~ {a} it is paid by way of advance or part payment for the sale, hire or other provision of property or services and is repayable only in the event that the property ot those services is or are not in fact sold, hired or otherwise provided; (b) it is paid by way of security for payment for the prov1s1on of property or services provided or to be provided by the person by whom or on whose behalf the money is accepted; {c) it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or in any other manner; {d) it is a sum of money that is a loan made by a person in the course of a business of lending money carried on by him, to any other person, except a licensee or a bank which is licensed under the Banking Act or the Islamic Banking Act; or (e) it is a sum of money that is paid by one institution to another at a time when one of them is a subsidiary or affiliate of the other or both are subsidiaries or affiliation of another institution in terms of the definition of subsidiary, parent, holding an affiliate institutions set forth in Part II of the First Schedule. (4) For the purposes of this Order, "international banking business" is banking business which does not (except with the prior written consent of the Minister in each case given on such conditions as he considers desirable) involve- (a) taking deposits from, leading money to or otherwise conducting banking business with any person resident in Brunei Darussalam, other than- (i) a licensee; (ii) an international business company; (iii) a foreign international company; (iv) an international limited partnership; (v) an international trust; or BRUNEI DARUSSALAM GOVERNMENT GAZETTE lvi) a person licensed under the Registered Agents and Trustees Licensing Order, 2000; or (b) making available accounts denominated in, lending money in or otherwise conducting banking business in the currency of Brunei Darussalam. (5) (a} For the purposes of this Order, "international Islamic banking business" is international banking business conducted by an institution which may be foreign-owned or controlled but whose aims or operations shall not be detrimental to the interests of Islamic banking business.