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Brunei ranks 2nd among ASEAN in handling money laundering, terrorist financing risks

Nov 23, 2023

Bandar Seri Begawan [Brunei], November 23: Brunei ranked second in the Association of Southeast Asian Nations (ASEAN) for mitigating money laundering and terrorist financing risks, according to the 2023 Basel Anti-Money Laundering Index.
The Sultanate was placed 117 out of 152 jurisdictions by the non-profit organization Basel Institute on Governance. Regionally, Brunei ranked second in ASEAN after Singapore (at 118th place), the local daily Borneo Bulletin reported on Wednesday.
The 2023 Basel Anti-Money Laundering Index report said Southeast Asia is marked by particularly significant variations in risks relating to corruption and bribery, human trafficking, environmental crime, public and financial transparency, and the political/legal system.
The report also underlined the role in financial crimes of new technologies such as cryptocurrency, saying countries need to focus on regulation, supervision, and enforcement of clearly identified risks.
Source: Xinhua