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Dewan Negara approves Labuan-related Bills under Finance Ministry | Malay Mail

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Dewan Negara approves Labuan-related Bills under Finance Ministry

KUALA LUMPUR, March 31 — Three bills under the Ministry of Finance which seek, among others, to modernise and update the legal aspects of the Labuan International Business and Financial Centre were passed in the Dewan Negara today

Meanwhile, the Labuan Islamic Financial Services and Securities Bill 2022 to amend the Labuan Islamic Financial Services and Securities Act 2010 was also debated and passed. “Based on the risk assessment made on Malaysia including Labuan IBFC under the Financial Action Task Force in 2014, the FATF has proposed several measures to be taken to prevent and combat money laundering and terrorist financing activities.

He said amendments to Act 441 were also made so that Labuan IBFC could comply with international tax standards to address the problem of tax revenue leakage and earnings transfer.

 

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