M'SIA ALREADY COMMITTED TO EOI STANDARDS SET BY OECD

KUALA LUMPUR, April 24 (Bernama) -- Malaysia is already committed to the
exchange of information (EOI) standards as set by the Organisation for Economic
Cooperation and Development (OECD).

In a statement Thursday from the Labuan Offshore Financial Services
Authority (LOFSA), its member Ali Abdul Kadir said that even before the latest
requirement for EOIs came about, the jurisdiction had already taken steps to
review relevant laws and remove provisions that impede it.

He also told a briefing cum dialogue with offshore bankers, trust companies
and other offshore players today that the review of the LOFSA regulatory
structure is expected to gain parliamentary consent this year.

Meanwhile, LOFSA's director-general Azizan Abdul Rahman said that
the organisation was already moving towards adopting Article 26 of the current
OECD Model Tax Convention and also amending the relevant sections of the law.

He went on to say that whilst it is essential that the regulatory structure
is amended to ensure compliance with international standards, it was
equally important that the market place is kept consulted to create a healthy
and competitive business environment in the jurisdiction.

"We have always been co-operating with the regulatory and enforcement
authorities from other countries on tax matters and financial crime,
particularly money laundering," he said.

Since the inception of LOFSA, the jurisdiction has met the highest
international standards and has received positive assessments by the
International Monetary Fund (IMF) under its Offshore Financial Sector Assessment
Programme.

-- BERNAMA