LABUAN IBFC ENSURES BUSINESSES COMPLY WITH ALL REGULATIONS

KUALA LUMPUR, Nov 6 (Bernama) -- The Labuan Offshore Financial Services
Authority (LOFSA) says it will ensure that financial businesses in Labuan
continue to comply fully with international regulatory requirements.

It will take forceful action against any breach and non-compliance, it said
in a statement here Friday.

The Labuan International Business and Financial Centre (Labuan IBFC) is
well-regulated and the prudential practices are on par with international
standards, LOFSA said.

It continues to cater to legitimate and sound businesses.

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, it added.
-- BERNAMA