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.