Labuan FSA reaffirms strict regulatory regime

KUALA LUMPUR: The Labuan Financial Services Authority (FSA) will not hesitate to take action against individuals or entities if they have breached the laws and regulations of the Labuan International Business and Financial Centre.

“Labuan FSA would like to affirm that the strict regulatory and supervisory regime, including the prohibition of cash transactions in the centre; the application of the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act, has preserved the integrity and reputation of the centre while ensuring that only genuine business activities are conducted,” it said in a statement yesterday.

“As a member of several international standards-setting bodies, in particular the Asia/Pacific Group on Money Laundering and Financial Action Task Force, Labuan FSA is committed to combat any money laundering and terrorism financing activities in Labuan IBFC,” it said.

As part of the national coordination committee to counter money laundering, Labuan FSA will continue to engage and/or cooperate with other regulatory bodies through various networks. – Bernama