Labuan Will Continue To Improve Offshore Regulation
The Labuan Offshore Financial Services Authority (LOFSA) will continue to monitor
and enhance incentives given to the investment community in order to ensure
that the Malaysian island's reputation as a well regulated and investor-friendly
offshore jurisdiction advances. "Though Labuan IOFC is now considered one of the most established financial
centres in the Asia-Pacific region and one of the few integrated IOFCs with
best international practices and standards supported by an independent legislative
framework, our efforts to further increase its appeal will not stop," Bank
Negara Malaysia Deputy Governor, Datuk Zamani Abdul Ghani stated at the Labuan
Offshore Industry Dinner 2005 last month. "Though Lofsa is the sole independent authority responsible for the administration
of the offshore industry in Labuan, it will continue to have periodic discussions
with other domestic regulatory agencies on how to further make Labuan IOFC more
attractive," he added. Zamani said that an International Advisory Panel (IAP) comprising experts from
the private and public sector had been formed to present domestic and international
perspectives and to advise Lofsa. He added that the Offshore Companies Act 1990 was in the final stage of being
amended while the Labuan Offshore Trusts Act 1996 would be reviewed to be in
line with global changes in trusts business. .
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