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BANDAR SERI BEGAWAN,
August 24: - Brunei announced Thursday details of its new International
Financial Centre, putting high priority on anti-money laundering
legislation and the development of a niche market in Islamic financing.
"The legislation for
the Brunei International Financial Centre has taken a little over three
years to prepare," a senior Finance Ministry official said.
"The time has now come when we are ready to commence our
operations."
Brunei expects the centre
to prove attractive to foreign institutions because of its strong legal
framework and the relatively low cost of doing business.
New legislation covers
international banking, business companies, trusts and limited
partnerships as well as registered agents and trustees licensing, the
Finance Ministry said in a statement.
Other new laws on
insurance licensing and regulation as well as securities and mutual
funds are to be enacted in the next few months. .
"The laws strongly
resist money laundering and criminal activity. They allow us to exchange
information with other countries so that we may combat crime
together," the official said. "We have a strong and respected
judiciary to see that the laws are enforced."
The Ministry pledged a
"continuous monitoring process" to ensure that policies and
laws remained in tune with changes in international finance.
Brunei also hopes to
fulfill the needs of "an obvious niche market in the rapidly
growing world of Islamic financing," the statement said.
"Many major
conventional banks now have Islamic divisions. Syndicated bank loans
that combine the resources of Islamic and conventional banks are being
arranged with increasing frequency," the statement said, adding
that there was also strong demand for Islamic insurance instruments.
"This in itself challenges Brunei to meet the market."
"The hallmarks of a
top-ranking International Financial Centre are first-class legislation
and effective supervision," the official said, noting that top
London counsel were involved in drafting the new laws with the Finance
Ministry and the Attorney General's Chambers.
"International
consultants were also engaged to ensure that the legislation is not only
first class but also commercially attractive."
For more information,
please contact:
Mr. Robert Miller, Head
of Supervision
Mr. Haji Ali Apong, Assistant Director
Mr. Mohd Roselan
Mohd Daud, Senior Administrative Officer
Miss Nuralia Haji Abdul Rahim,
Deputy Registrar
Phone: 673-2-224680 /
236136 / 236139
Fax: 673-2-236141 / 235392
E-mail: offshore@finance.gov.bn |