LABUAN IBFC WELL POSITIONED AS GATEWAY TO ASEAN REGION, SAYS ZETI

Embargoed Release on 12:00:00 APR 27,Tuesday ,2010
KUALA LUMPUR, April 26 (Bernama) -- The Labuan International Business and
Financial Centre (Labuan IBFC) is well-positioned to further promote itself as a
gateway for the Asean region.

Dr Zeti Akhtar Aziz, who is the Chairman of the Authority, the body
that governs the Labuan Financial Services Authority (Labuan FSA), said the
offshore regulator has continued to exercise vigilance in anti-money laundering
and combating the financing of terrorism (AML/CFT) efforts.

In the Labuan FSA annual report, Zeti, who is also Bank Negara Malaysia
(Central Bank) Governor, stated that this commitment was manifested in the
on-going efforts carried out to safeguard Labuan IBFC's standing as a "low risk"
jurisdiction for money laundering.

"Concrete efforts have been taken, including regular monitoring to ensure
that businesses are genuine and that anti-money laundering awareness campaign
have been conducted to promote greater understanding amongst financial
institutions on the AML/CFT measures," she said.

As the authority responsible for the regulation, supervision and development
of the business and financial industry, the Labuan FSA, she said, will ensure
that Labuan IBFC's strong reputation as a well regulated and robust IBFC is
preserved.

"This will be achieved through several initiatives including ensuring the
effective adoption of international standards, and enhancing disclosure and
transparency standards in line with international best practices," she said.

A major milestone in 2009 was the legislative change governing the business
and financial industry in Labuan IBFC.

Under the new legislation, protected cell companies, foundations, private
trust compaines, limited liability partnerships and special trust can be
structured out of Labuan IBFC.

The number of companies registered in Labuan had increased by more than
eight per cent in 2009 primarily from Asia Pacific and the Far East.

The international banking sector remained sound and stable and recorded an
increased profitability of 16.6 per cent.

Leasing activities maintained strong growth momentum as the best
performing sector with assets leased increasing by 23.9 per cent to US$21.9
billion.

With a growth rate of more than eight per cent in insurance premiums, the
insurance sector surpassed the US$1 billion mark for the second consecutive year
amidst the soft global insurance market.

-- BERNAMA