Dewan Negara Approves Labuan-Related Bills Under Finance Ministry

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Dewan Negara approves Labuan-related Bills

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Deputy Finance Minister II Yamani Hafez Musa said the amendment to Act 441 was to adopt
international financial standards and best practices related to money laundering and terrorism
financing. ― Bernama pic
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Thursday, 31 Mar 2022 7:45 PM MYT
KUALA LUMPUR, March 31 — Three bills under the Ministry of Finance which seek,
among others, to modernise and update the legal aspects of the Labuan International
Business and Financial Centre (Labuan IBFC) were passed in the Dewan Negara today
The Labuan Companies (Amendment) Bill 2022 to amend the Labuan Companies Act 1990
(Act 441), and the Labuan Financial Services and Securities (Amendment) Bill 2022 to
modify the Labuan Financial Services and Securities Act 2010 were debated and passed.
Meanwhile, the Labuan Islamic Financial Services and Securities (Amendment) Bill 2022
to amend the Labuan Islamic Financial Services and Securities Act 2010 was also debated
and passed.
Deputy Finance Minister II Yamani Hafez Musa said the amendment to Act 441 was to
adopt international financial standards and best practices related to money laundering
and terrorism financing.
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“Based
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SINGAPOREmade on Malaysia
MONEY WORLD including Labuan SHOWBIZ
LIFE EAT/DRINK IBFC under the
OPINION
Financial Action Task Force (FATF) in 2014, the FATF has proposed several measures to be
taken to prevent and combat money laundering
MALAYSIA / 18 h ago
and terrorist financing activities.
MALAYSIA / 15 h ago MALAYSIA / 13 h ago
PM: Govt to
“The assessment
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MOST READ he said when winding up the tabling of the bills in the Dewan Negara
today.
He said amendments to Act 441 were also made so that Labuan IBFC could comply with
international tax standards to address the problem of tax revenue leakage and earnings
transfer.
“The amendments to the bills today were made so that we are not blacklisted as a
jurisdiction that encourages money laundering activities and defaults on commitments to
the FATF, as well as ensuring that our tax framework meets international standards,” he
said.
Yamani Hafez said among the amendments to Act 441 made included banning the
issuance of share warrants to any company in Labuan.
“We also provide identification related to the transparency of beneficial owner

information and the need for companies in Labuan to procure, record and update the
information so that it is accessible by customers and investors,” he added. — Bernama
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