SMALL AND WEALTHY SULTANATE BRUNEI PROMPTS CONCERN OVER UBO TRANSPARENCY
October 7th, 2024
Non-compliance with a FATF recommendations can reflect concerns about national political and social systems, with some commentators arguing this is the case with the southeast Asian Sultanate of Brunei Darussalam. A 2023 mutual evaluation report (MER) released by the Asia/Pacific Group on Money Laundering (APG) found the tropical oil-rich Asian state (population 450,000 and size 5,765 sq km) non-compliant with FATF recommendation 25 – Transparency and beneficial ownership of legal arrangement (1). The country is run by an absolute monarch – Sultan Hassanal ...
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