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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