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 Compliance Officer 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
1 AFGHANISTAN 36 JERSEY 71 TURKS AND CAICOS ISLAND
2 ALBANIA 37 KUWAIT 72 UGANDA (New)
3 ALGERIA 38 LAOS (LAO PEOPLE'S DEMOCRATIC REPUBLIC – Lao PDR) 73 UKRAINE (New)
4 ANDORRA 39 LIBERIA 74 US VIRGIN ISLANDS
5 ANGOLA 40 LIECHTENSTEIN 75 VANUATU
6 ANGUILLA 41 MALTA 76 VIETNAM
7 ANTIGUA & BARBUDA 42 MAURITIUS 77 ZIMBABWE
8 ARUBA 43 MOLDOVA 78 SYRIA
9 BAHAMAS 44 MONTENEGRO 79 YEMEN
10 BAHRAIN 45 MONTSERRAT
11 BELARUS 46 MYANMAR (BURMA)
12 BELIZE 47 NAMIBIA
13 BERMUDA 48 NAURU
14 BOSNIA & HERZEGOVINA 49 NETHERLANDS ANTILLES
15 CAMBODIA 50 NICARAGUA
16 CAYMAN ISLANDS 51 NIGERIA
17 CENTRAL AFRICAN REPUBLIC (New) 52 NIUE PANAMA
18 DEMOCRATIC REPUBLIC OF CONGO (DR CONGO) 53 NORTH KOREA (DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA)
19 COOK ISLANDS 54 PANAMA
20 COTE D’IVOIRE (IVORY COAST) 55 PAPUA NEW GUINEA (New)
21 CUBA 56 SAMOA
22 DOMINICA 57 SAN MARINO
23 ECUADOR 58 SÃO TOMÉ AND PRÍNCIPE
24 ERITREA 59 SERBIA AND MONTENEGRO
25 ETHIOPIA 60 SEYCHELLES SAN MARINO
26 GIBRALTAR 61 SOMALIA
27 GRENADA 62 SOUTH SUDAN (Republic of South Sudan) (New)
28 GUERNSEY 63 ST KITTS & NEVIS ST LUCIA
29 REPUBLIC OF GUINEA (CONAKRY) 64 ST LUCIA SEYCHELLES
30 GUINEA-BISSAU 65 ST VINCENT & THE GRENADINES ST KITTS & NEVIS
31 HAITI 66 SUDAN
32 IRAQ 67 TAJIKISTAN
33 IRAN 68 THE BALKANS
34 ISLE OF MAN 69 THE MARSHALL ISLAND
35 ISRAEL 70 TUNISIA

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.