What is Currency or Bearer Negotiable Instrument (CBNI)?
Notes and coins (either from Brunei Darussalam or other countries) recognised as legal tender for business, distribution, and are commonly used as a means of exchange within the issuing country.
Bearer Negotiable Instrument
a) A traveller's cheque; or
b) Any negotiable instrument that is in bearer form, endorsed without any restriction, made out to a fictitious payee or otherwise in such form that title thereto passes upon delivery; and negotiable instrument that has been signed but with the payee's name omitted.
Why is it necessary to implement the reporting of cross-border movement of CBNI in Brunei Darussalam?
Cash couriers are widely known for being used as a major means of moving physical funds across borders either to finance illegal activities or to launder ill-gotten profits. The implementation of the declaration system is part of Brunei Darussalam's initiative to combat transnational crime, money laundering and terrorism financing. This is also in line with international practices and standards recommended by the Financial Action Task Force (FATF), an inter-governmental body that develops and promotes policies to combat money laundering and terrorism financing.
What is the penalty for not declaring CBNI?
Failure to give a full and accurate report may be subject to a fine not exceeding BND 50,000, imprisonment for a term not exceeding 3 years, or both.
Is it an offence if a person gives a false CBNI report?
Yes. A person found guilty for not giving a full and accurate report shall be liable on conviction to a fine not exceeding B$50,000 or to imprisonment for a term not exceeding 3 years, or both.
Is the reporting of cross border movements of CBNI a form of currency control?
No. There are no restrictions on type or amount of CBNI which may be moved into or out of Brunei Darussalam as long as the person gives a full and accurate report when the total value of the CBNI exceeds B$15,000 or its equivalent in foreign currency.
There are two types of Cross Border Movement of Physical Currency and Bearer Negotiable Instruments (CBNI) Declaration reports
Bahasa Melayu version
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