Press Release on Labuan FSA Commits To Combating Money Laundering and Ensuring Compliance with Regulatory Standards
Labuan FSA Commits To Combating Money Laundering and Ensuring Compliance with Regulatory Standards
Labuan, 16 August 2024: Labuan Financial Services Authority (Labuan FSA) has always been committed to ensuring that all businesses allowed to operate in the Labuan International Business and Financial Centre (Labuan IBFC) are genuine, legit and in compliance with all prevailing legal and regulatory requirements. This is an ongoing commitment that Labuan FSA upholds particularly with regard to combating money laundering and terrorism financing offences as Malaysia is a member of the Asia/Pacific Group on Money Laundering (APG) and Financial Action Task Force (FATF).

Labuan FSA imposes stringent regulations on all business activities including due diligence on entry requirements as well as undertakes regular supervisory monitoring to ensure that the Centre is continuously well-governed. Among others, Labuan entities, as reporting institutions, are mandated to carry out Know-Your-Customer (KYC) requirements and raise Suspicious Transaction Reportings (STRs) as part of their obligations under the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 as well as Labuan IBFC’s Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) framework. This is further reinforced with the explicit prohibition of cash transactions in the Centre.

In view that Labuan IBFC is also part of Malaysia’s financial system, Labuan FSA actively engages and cooperates with other law enforcement agencies and regulatory authorities at both the national and international level particularly in the areas of supervision, enforcement, investigation and intelligence sharing. In this regard, the Authority does not condone any breaches of Labuan IBFC’s laws and regulations, especially in relation to AML/CFT requirements; and will not hesitate to take stern actions against the offenders.

Labuan Financial Services Authority
16 August 2024



FOR FURTHER INFORMATION, PLEASE CONTACT:

Corporate Communication & External Relations Unit
Tel : +603-8873 2000 Fax : +603-8873 2209
E-mail: communication@labuanfsa.gov.my
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