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FAQs - Money Broking / FX |
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Sunday, 12 June 2011 22:15
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WHAT CONSTITUTES AN MONEY BROKING / FX BUSINESS IN LABUAN? Money broking / fx is defined as the business of arranging transactions between buyers and sellers in money or foreign exchange markets with brokers acting as an intermediary in consideration of brokerage fees paid or to be paid, but does not include the buying or selling of foreign currencies by the broker as a principal in such markets. ARE THERE ANY RESTRICTIONS IMPOSED ON MONEY BROKING / FX BUSINESSES IN LABUAN IBFC? Such companies may only transact business in foreign currency and not deal in Ringgit except for the purpose of defraying administrative and statutory expenses. Labuan money brokers are prohibited from dealing with residents other than the authorised dealers under the Exchange Control Act 1953.
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