OECD CONFIRMS M'SIA'S COMMITTMENT TO INTERNATIONAL TAX STANDARD

KUALA LUMPUR, April 8 (Bernama) -- Malaysia's Labuan International Business
and Financial Centre (IBFC), has been designated as being among the financial
centres committed to the internationally-agreed tax standard, by the
Organisation for Economic Co-operation and Development (OECD).

"It is good that the Labuan IBFC has been accorded such a listing as we have
been committed to the standard in practice," Labuan Offshore Financial Services
Authority (LOFSA) director-general Azizan Abdul Rahman said.

He said that at all times, LOFSA has been co-operating with the regulatory
and enforcement authorities of other countries on tax matters and financial
crime, particularly money laundering.

"The Labuan IBFC has been from its establishment, catering only to
legitimate and genuine businesses," he added in a statement here Wednesday.

"It is well-regulated and the prudential practices are on par with
international standards.

"Indeed, the strict regulatory and supervisory regime, including the
prohibition of cash transactions in the IBFC, the application of anti-money
laundering rules and procedures on the financial institutions in Labuan are
designed to preserve the centre's integrity and reputation," Azizan added.
-- BERNAMA