Criminal Asset Recovery Order, 2012 (Brunei Darussalam)
The Act defines and penalizes money laundering and other related offenses. It laid down the measures to prevent money laundering and terrorist financing which include, among others, prohibition in the opening of accounts in false, fictitious, anonymous or incorrect name, and requirement for financial institutions or designated non-financial businesses and professions to determine the identities of customers and beneficial ownership of corporations.
It further lays down the procedure for reporting of suspicious transactions. It requires financial institutions or designated non-financial businesses and professions to develop and implement programs for the prevention of money laundering and financing of terrorism. It also details the requirement of disclosing information on movements of physical currency and bearer negotiable instruments in and out of Brunei Darussalam for the purpose of detecting, investigating, and prosecuting money laundering and other related offenses.