The Labuan Financial Services Authority (Labuan FSA) entered into a Memorandum of Understanding on cooperation with the Jersey Financial Services Commission (JFSC) in September 2014.

 

JFSC is a statutory body established under the Financial Services Commission Law of Jersey, responsible for the supervision of the financial services providers in Jersey.   

 

The MoU with JFSC is significant to Labuan IBFC as Labuan FSA is placing a high priority to strengthen the regulation and supervision of cross-border financial activities in the Labuan IBFC. The initiative reflects each authority’s commitment to cooperate in relation to prudential oversight, investigation and exchange of information to ensure efficient and effective supervision of financial institutions in the two jurisdictions. The MoU also extends cooperation of the two authorities in the areas of training and staff development as well as research and development.

 

The MOU was signed on behalf of Labuan FSA by its Director-General, Mr. Ahmad Hizzad Baharuddin and the Mr. John Harris, Director-General of JFSC.