New Initiatives for Labuan International Business and Financial Centre (IBFC) in 2017
Labuan Financial Services Authority (FSA) plans to embark on the following policy initiatives to ensure the Labuan International Business Financial Centre (IBFC) remains a vibrant and progressive business destination.
When finalised, the outcome of this review will ensure that Labuan IBFC emerges not only as a stronger international financial centre, but one with an enlarged role in the Malaysian financial system and economy.
No. 1 Legal Framework to be Updated in 2017
A review of legal framework that will better reflect regulatory and supervisory policy intentions, as well as to ensure legal requirements remain relevant and current.
No. 2 New Technology to be Used
The use of efficient technology-based systems for regulatory reporting that will improve the timely access, accuracy and value of information to provide ease of reporting and data exchange.
No. 3 Facilitate International Compliance (FATCA)
Labuan IBFC will also implement the Inter-Governmental Agreement of Model IB which will facilitate compliance by financial institutions in the midshore centre to the Foreign Account Tax Compliance Act (FATCA) and exchange information with the United States.
News Source: Labuan Press Release
About Labuan International Business and Financial Centre
Labuan International Business and Financial Centre (Labuan IBFC) presents a comprehensive midshore solution striking the ideal balance between client confidentiality and compliance with international best standards and practices. Its business-friendly environment, anchored by a simple and attractive tax system, is well-supported by a robust, modern and internationally-recognised legal framework enforced by its regulator, Labuan Financial Services Authority (Labuan FSA).
Labuan IBFC boasts a wide range of business and investment structures facilitating cross-border transactions, business dealings and wealth management needs. These unique qualities offer sound options for regional businesses going global or global businesses looking at penetrating Asia’s burgeoning markets. Strategically located in the heart of Asia Pacific, Labuan IBFC is well positioned to tap into one of the fastest growing regions in the world, presenting the perfect opportunity for businesses seeking to connect with Asia’s economies and beyond.
Official Website: www.labuanibfc.com
News & Media: Press Release
Updated on 8th August 2016