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It has been announced that the Labuan Financial Services Authority (Labuan FSA) and the Financial Services Commission, Mauritius (Mauritius FSC) have signed a memorandum of understanding (MoU) that will provide the basis for the two authorities to work together, particularly in the fields of regulation, investigation and enforcement.
The MoU establishes a formal framework for mutual assistance and the exchange of information between each regulator to facilitate the enforcement of, and compliance with, the laws of each jurisdiction. Such collaboration should help to protect investors and depositors and to promote the integrity of financial services markets in the two jurisdictions.
Under the MoU, both regulators are committed to providing help within the legal limits of each jurisdiction, and it establishes procedures to handle requests for information needed for tackling financial regulatory offences.
The Labuan FSA has entered into the MoU, it was said, as one of a number of such collaborative bilateral agreements that it wants to complete with other overseas regulatory institutions and agencies. It wishes thereby to demonstrate its commitment to international cooperation, and to establish the reputation and standing of the Labuan International Business and Financial Centre.
The MoU was signed by the Labuan FSA’s director-general, Datuk Azizan Abdul Rahman Azizan, and the chief executive officer of the Mauritius FSC, Milan Metarbhan, on behalf of their respective authorities. the Mauritius FSC has now signed 17 MoUs with other regulators, including India, South Africa, Malta, Jersey, Guernsey and the Isle of Man.A comprehensive report in our Intelligence Report series, analysing the situation on the ground in each of the main offshore banking centres, 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_report3.asp
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