By Jailani Hasan
LABUAN, Dec 19 (Bernama) -- The passing of four bills under the Ministry of Finance aimed at regulating business activities in the Labuan International Business and Financial Centre (Labuan IBFC) is set to strengthen Malaysia’s standing ahead of the fourth Financial Action Task Force (FATF) evaluation in February 2025.
Labuan Financial Services Authority (Labuan FSA) director-general Nik Mohamed Din Nik Musa said the legislative amendments would bolster international confidence and elevate Malaysia’s reputation as a trusted and globally recognised financial hub.
“Implementing these amendments ahead of the evaluation positions Malaysia and Labuan IBFC to secure a favourable assessment rating,” he told Bernama today.
The bills, tabled for the third reading by Deputy Finance Minister Lim Hui Ying at Dewan Negara, include amendments to the Labuan Companies (Amendment) Bill 2024; the Labuan Trust (Amendment) Bill 2024; the Labuan Foundations (Amendment) Bill 2024; and the Labuan Limited Partnerships and Limited Liability Partnership (Amendment) Bill 2024.
The legislative changes seek to enhance transparency and align regulations with international standards on anti-money laundering and counter-financing of terrorism (AML/CFT), particularly regarding beneficial ownership (BO).
Nik Mohamed Din said the amendments introduce robust provisions to ensure comprehensive disclosure of BO information for Labuan entities, such as companies, foreign companies, trusts, foundations, limited partnerships, and limited liability partnerships.
“These provisions include a broad definition of BO in line with the FATF recommendations, the establishment of a BO register with records retained for at least six years, and requirements for entities to obtain and maintain accurate and up-to-date BO information,” he said.
These legislative reforms reflect Malaysia’s commitment to upholding international standards and strengthening Labuan IBFC’s position as a competitive and transparent global financial hub, he added.
-- BERNAMA
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