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Labuan Financial Services Authority Caution Public Against Dealing With Unlicensed Entities When Applying For Financing In Labuan International Business And Financial Centre
PRESS STATEMENT
For immediate release

LABUAN FINANCIAL SERVICES AUTHORITY CAUTION PUBLIC AGAINST DEALING WITH UNLICENSED ENTITIES WHEN APPLYING FOR FINANCING IN LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE

Labuan F.T., Wednesday 24 August 2011 - Labuan Financial Services Authority (Labuan FSA) advises the public to be very cautious when approached by individuals or companies offering "offshore financing", and claiming that they are registered and have been licensed to offer such financing in Labuan IBFC.

Labuan FSA has received various complaints and queries from the public with regard to a few entities registered under the Labuan Companies Act 1990, promoting bank instruments such as Standby Letter of Credit (SBLC) and Bank Guarantee (BG) which could be presented as collateral to obtain credit facilities from banks, besides offering services to manage foreign funds for investment in Malaysia, including currency swap program.

Labuan FSA would like to caution that no such approvals have been granted to these entities to promote and offer any financial products and services including accepting deposits from the public under the Labuan Financial Services and Securities Act 2010.

Members of the public are reminded to deal directly with banking institutions that are licensed by Labuan FSA in relation to financing in Labuan International Business and Financial Centre (Labuan IBFC). The list of banks in Labuan IBFC can be obtained from Labuan FSA’s website (http://www.labuanfsa.gov.my).


For further information, please contact:
Corporate Communication & Event Management Unit
Tel: +6 087- 591200
Fax : +6 087- 428200

Labuan Financial Services Authority
24 August 2011
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