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Labuan IBFC Expected to Benefit From New Products and Services |
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Tuesday, 02 March 2010 16:00
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Kuala Lumpur, Wednesday [3 March 2010] - Labuan International Business and Financial Centre’s (Labuan IBFC) competitive edge in international financial arena is expected to be further enhanced with the recent enactment of new laws governing the jurisdiction.
“Labuan IBFC has always been a well regulated jurisdiction with a robust financial services industry adhering to stringent compliance parameters, and these changes will further enhance the value proposition of Labuan IBFC,” said Dato’ Azizan Abdul Rahman, Director-General, Labuan Financial Services Authority (Labuan FSA) at a media briefing here today.
He added that the introduction of this new regulatory framework will also provide a more robust, transparent and accountable framework for the Labuan FSA to regulate and supervise the financial institutions and licensed entities operating from the jurisdiction.
“Another key element of the new legislation is that Labuan IBFC is now more open to Malaysians. Prior to this, any allowance to use Labuan IBFC’s products and services by a Malaysian, generally required specific approval for that particular transaction,” said David Kinloch, CEO of Labuan IBFC Inc., the marketing arm of Labuan FSA.
“Malaysians with foreign assets or foreigners with Malaysian assets are now able to structure their investments via Labuan IBFC. This allowance is made even more attractive by the new trust and estate management products also introduced by the new legislation,” he added.
He went on to say that with the growing international asset base held by Malaysians, Labuan IBFC is well poised to become their jurisdiction of choice for wealth and estate management.
“Labuan IBFC is an effective and user friendly jurisdiction and these new provisions will make it possible for us to attract and welcome many new categories of client,”.
The new laws came into effect on 11 February 2010. A total of four new Acts were enacted as well as comprehensive amendments made to four existing laws.
These changes also provide for the introduction of new products, which include the following investment and business vehicles:
- Limited Liability Partnership
- Malaysian International Shipping Registry
- Foundations
- Private Trust Companies
- Protected Cell Companies
- Labuan Special Trust
- Takaful Captives
The full press release can be read via the following link : Labuan IBFC expected to benefit from new products and services.
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Last Updated on Thursday, 23 June 2011 23:33
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