The IBFC affirmed that it has continuously enhanced its regulatory framework and supervisory regime in conformity with international standards and practices on transparency and regulatory compliance.
Transparency demand
“The current issue relating to the information leakage has heightened the demands for greater transparency and effective exchange of information across all international financial centres,” said Danial Mah, chief executive of Labuan IBFC, the marketing arm of the Labuan Financial Services Authority (Labuan FSA).
“The business activities in Labuan IBFC are conducted under a strong set of rules and regulations that ensure the orderly establishment and operations of Labuan business entities including the licensing of financial institutions,” he said, adding that Malaysia is one of the countries that made an early commitment to adopt the OECD standards on the exchange of information.
Momentum
The commitment from Labuan IBFC follows agreements between the UK, the crown dependencies, and overseas territories to exchange beneficial ownership information in a bid to bring greater transparency to the offshore world.
