Law & Commerce is a reporting institution under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613). Law & Commerce also abides by its own Code of Practice, Code of Practice of the Association of Labuan Trust Companies as well as internationally accepted good practice in anti-money laundering and counter-terrorist financing. Law & Commerce places utmost importance on compliance and will only proceed with client’s engagement when due diligent is satisfactory.

Law & Commerce is obligated by the laws to only enter into business relationship when due diligent has been conducted. There are two types of due diligent exercises namely;

  1. Basic Customer Due Diligent (BCDD)
  2. Enhanced Due Diligent (EDD)

 

Enhanced Due DD must be conducted before entering into business relationship with customers coming from High Risk Countries. If you are national from a listed High Risk Country, you are advised to consult our Compliance Officer to understand our Enhanced Due Diligent requirements.

For Basis Customer Due Diligent (Non-High Risk Countries) before entering into a business relationship with any client we require that at least the following are information;

  1. True identity of the ultimate beneficial owner,
  2. That we are not dealing with an agent but rather the principal,
  3. The residential address of the true beneficial owners,
  4. The stated nature of business the description of which enables us to understand the nature and extend of the business to be conducted.

 

The provision of the above however does not bar us from implementing enhanced due diligent measure if we are no entirely convinced with the identity, nature of business, address or all any combination of them. If enhanced due diligent is applied, you will be required to produce at least two professional or bank reference from whom we will write and find out about you, your previous experience, dealing, etc.

Below are the list of countries whose nationals are considered as high risk. The list is generally in conformity with the FATF’s list. If you are from anyone if the listed countries below, please contact our before engaging us. Please take note that a country may be removed or a new one added into the list. Further, banks and other financial institutions have their own High Country lists which from our observation is wider than the FATF’s list.

 

High Risk Countries
1AFGHANISTAN36JERSEY71TURKS AND CAICOS ISLAND
2ALBANIA37KUWAIT72UGANDA (New)
3ALGERIA38LAOS (LAO PEOPLE'S DEMOCRATIC REPUBLIC – Lao PDR)73UKRAINE (New)
4ANDORRA39LIBERIA74US VIRGIN ISLANDS
5ANGOLA40LIECHTENSTEIN75VANUATU
6ANGUILLA41MALTA76VIETNAM
7ANTIGUA & BARBUDA42MAURITIUS77ZIMBABWE
8ARUBA43MOLDOVA78SYRIA
9BAHAMAS44MONTENEGRO79YEMEN
10BAHRAIN45MONTSERRAT
11BELARUS46MYANMAR (BURMA)
12BELIZE47NAMIBIA
13BERMUDA48NAURU
14BOSNIA & HERZEGOVINA49NETHERLANDS ANTILLES
15CAMBODIA50NICARAGUA
16CAYMAN ISLANDS51NIGERIA
17CENTRAL AFRICAN REPUBLIC (New)52NIUE PANAMA
18DEMOCRATIC REPUBLIC OF CONGO (DR CONGO)53NORTH KOREA (DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA)
19COOK ISLANDS54PANAMA
20COTE D’IVOIRE (IVORY COAST)55PAPUA NEW GUINEA (New)
21CUBA56SAMOA
22DOMINICA57SAN MARINO
23ECUADOR58SÃO TOMÉ AND PRÍNCIPE
24ERITREA59SERBIA AND MONTENEGRO
25ETHIOPIA60SEYCHELLES SAN MARINO
26GIBRALTAR61SOMALIA
27GRENADA62SOUTH SUDAN (Republic of South Sudan) (New)
28GUERNSEY63ST KITTS & NEVIS ST LUCIA
29REPUBLIC OF GUINEA (CONAKRY)64ST LUCIA SEYCHELLES
30GUINEA-BISSAU65ST VINCENT & THE GRENADINES ST KITTS & NEVIS
31HAITI66SUDAN
32IRAQ67TAJIKISTAN
33IRAN68THE BALKANS
34ISLE OF MAN69THE MARSHALL ISLAND
35ISRAEL70TUNISIA

To proceed with ordering our services please complete the Company Formation Questionnaire, Customer Business Profile and Personal Questions & Declaration. These are important preliminary documents which provides us basic information about yourself and your requirement.

 

Please e-mail the above forms to together with scanned passport and scanned proof of address of each director/shareholder/controller/signatory.

Please read our Terms and Conditions of Business before ordering any service.

Full payment must be received before any service can be delivered. Payment can be made by telegraphic transfer, cheque or cash. Payment by cheque can be made to ‘Law & Commerce Trust Limited’

Payment by TT in US$ or RM can be made to:

  • A/C No. 8602-7835-5140 [US$]
  • A/C No. 8602-783-494 [RM]

Bank: CIMB Bank Berhad
Swift Code: CIBBMYKL
Beneficiary: Law & Commerce Trust Limited

Please read our Pricing Policy before making any payment.