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Ministry of Finance
His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah Ibni
Al-Marhum Sultan Haji Omar Ali Saifuddien Sa'adul Khairi Waddien
The Minister of Finance
The Minister of Finance
- His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah Ibni Al-Marhum Sultan
Haji Omar Ali Saifuddien Sa'adul Khairi Waddien (His Majesty) became the first Minister of
Finance with the formation of the Ministry of Finance on the 1st January 1984
when Negara Brunei Darussalam regained her Independence. His Majesty relinquished the post
on the 20th October 1986 until 23rrd February 1997 when he
once again took over the Ministry of Finance. Aside from being the Minister of Finance,
His Majesty is also concurrently the Prime Minister and the Minister of Defence.
Functions
and Roles
- The Minister of Finance under the provision of Section 80 of the Constitution of Negara
Brunei Darussalam (Financial Procedure) Order, is reponsible for the control and
management of public finances of Brunei. Among others, the Minister is reponsible for the
supervision, control and direction of all matters relating to the financial affairs of
Brunei such as the Consolidated Fund, the Consolidated Revenue Account, the Consolidated
Loan Account, the Consolidated Trust Account including the preparation of their annual
statements.
- In carrying out his responsibility, the Minister of Finance, with the consent of His
Majesty the Sultan dan Yang Di-Pertuan of Brunei Darussalam, has the power to write off
losses or deficiencies of public money and the value of lost, deficient, condemned,
unserviceable or obsolete stores and to abandon irrecoverable amounts of revenue, debts
and overpayment.
- In addition, with the consent of His Majesty the Sultan dan Yang Di-Pertuan of Brunei
Darussalam after consultation with the Public Service Commission and with the Treasury,
has the power to surcharge against any person who is or was in the employment of the
Government of Brunei who :-
- has failed to collect any moneys owning to the Government for the collection of which he
or she was responsible;
- is or was responsible for any improper payment of public moneys of Brunei or for any
payment of such moneys of which is not duly vouched for ;
- is or was responsible for any deficiency in, or for the destruction of, any public
moneys, stamps, securities, stores, or other property of the Government.
- As well, the Minister of Finance may recover any amount of surcharge and may make
regulations called the Financial Regulations to provide among others for preparation of
estimates of revenue and expenditure.
- Under the provision of the Brunei Investment Agency Act Chapter 137 of the Laws of
Brunei, the Minister of Finance, among others, has the power to do all acts or things he
considers necessary or expedient to give effect to transfer to and vested in the Agency
any movable property, assets, rights, interests and privileges as constitute any part of
the General Reserved Fund, together with any debts, liabilities or obligations connected
without the requirement of any further action.
- Also under the provision of the Brunei Investment Act section 4 of Chapter 137, the
Minister of Finance may take all steps and incur any expenditure that may be required in
order to recover or protect assets and property that are or may be, or are or may be
derived from the property of the Government or the Agency and to hold, manage and deal
with the same on such terms as the Agency in its absolute discretion shall see fit.
- Under the provision of section 179A of The Companies Act, when a winding-up order
has been made, the Official Receiver may, at any time when he is the provisional
liquidator of the company, apply to the Minister of Finance for the appointment of a
person as liquidator in his place.
- Under provision of section 181 shall apply to a liquidator appointed by the Minister of
Finance as if he had been appointed by the Court. If such appointment be the Minister of
Finance has the effect that the office of liquidator is to be held by more that one
person, the appointment shall declare whether any act authorised or required to be done by
the liquidator is to be done by all or any one of the persons appointed.
Structure and
Mission
- As the Minister of Finance, His Majesty has two Deputy Ministers
to assist him. They are:
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Yang Dimuliakan
Pehin Orang Kaya Setia Wangsa
Dato Paduka Seri Laila Jasa Awang Haji Ahmad Wally Skinner |
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Dato Seri
Paduka Awang Haji Selamat bin Haji Munap |
Execution of policy matters and day to day administration of the
Ministry are carried out by 2 Permanent Secretaries:
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Dato Paduka Awang Haji Yakub bin Abu Bakar |
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Pg Dato Paduka Maidin bin Pg Haji Hashim |
- Five departments and agency reside under the Ministry of Finance
and they are as follows:
- The Treasury
- The Brunei Investment Agency
- The Royal Customs and Excise
- The Information Technology and State Store
- The Employees Trust Fund
- Four sections make up the Ministry of Finance proper and they are
as follows:-
- Administration, Budget and Tender
- Revenue and International Organisation
- Financial Institution
- Brunei International Financial Centre
- One statutory body within the purview of the Ministry of Finance
is as follows:-
- The mission statement assures that the financial policies and
regulations be carried out to achieve a stable financial environment, to ensure the
international and public confidence in the nation's financial system and at the same time
to encourage the development of the financial sector.
Organisation Structure
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