LOFSA Takes Steps To Reduce Money Laundering
In a bid to underline its anti-money laundering credentials, the regulator
of the Labuan International Offshore Financial Centre has recently subscribed
to World-Check, a leading provider of structured intelligence on high and heightened
risk individuals and entities, to screen applications for licences. The move will allow the Labuan Offshore Financial Services Authority (LOFSA)
to conduct verification checks based on the World-Check database, which contains
information on high or heightened risks, such as terrorists, fraudsters, money
launderers, Politically Exposed Persons (PEPs), arms dealers and sanctioned entities,
amongst many other categories. World-Check also gathers information on its targets' networks and associates to ensure
comprehensive coverage. LOFSA was established in February 1996 as a single regulatory and promotional
body for offshore business activities in the Labuan IOFC, Malaysia. "LOFSA is committed to ensure that the Labuan IOFC is in compliance with
international standards and best practices to maintain the IOFC as a reputable
offshore financial centre," LOFSA said in a statement. The statement added that: "The implementation of World-Check is one of LOFSA’s measures in
enhancing the prudential and effective framework, as part of “Know Your
Client” procedures, that is in accordance with internationally accepted
standards." "LOFSA is determined to attract only genuine players and investors to
conduct legitimate offshore business activities in Labuan." A comprehensive report in our Intelligence Report series examining offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp
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