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Regulatory Relief For Labuan IBFC’s Entities In Light Of Challenges Posed By COVID-19

Labuan, Malaysia, 10 April 2020 – Labuan Financial Services Authority (Labuan FSA) has announced Temporary Regulatory Reliefs (TRRs) for Labuan entities to cushion the impact and disruption to business operations caused by the coronavirus pandemic.

The TRRs are intended to provide administrative and financial relief to Labuan entities during the COVID-19 crisis and facilitate uninterrupted business and market operations in Labuan IBFC.

The TRRs provide:
  1. Governance and Conduct Regulatory Relief, such as allowing for virtual Board meetings, a reduction in the prescribed Continuous Professional Development points required to renew licensed persons such as trust officers
  2. Financial Regulatory Relief, Regulatory Submission and Supervisory for financial institutions and
  3. An extension period for the submission of Statistical Submission, amongst others.

Labuan IBFC, Asia’s leading midshore jurisdiction, is home to more than 16,000 entities. With Asian-based entities being a large user base for the jurisdiction, Labuan FSA has already taken a facilitative approach in catering to the unique challenges caused by Covid-19 since February by allowing digital alternatives where possible, whilst ensuring regulatory standards are set both within the jurisdiction and that international requirements are not mitigated.

For more details and scope of the TRRs, please refer to: https://tinyurl.com/vosu77v

For more information on Labuan IBFC, please refer to www.labuanibfc.com.

MEDIA CONTACTS:
LABUAN IBFC
Audrey Liew
audrey@libfc.com
Tel: +603 2773 8975 
Mobile: +6012-913 8979

ABOUT LABUAN IBFC
 
ASIA PACIFIC’S MIDSHORE INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
 
Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through our internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in Asia. Established in 1990, Labuan IBFC is regulated by the Labuan Financial Services Authority (Labuan FSA), statutory Regulator under the purview of the Ministry of Finance, Malaysia.

As a midshore jurisdiction, we offer global investors and businesses the benefits of being in a well-regulated and supervised jurisdiction, which adheres to international standards of compliance in tax transparency. We also provide fiscal neutrality and certainty in a currency neutral operating environment. Labuan IBFC, located in the centre of Asia, boasts a cost-efficient enabling environment making it an ideal location for substance creation for both global businesses looking at penetrating Asia or Asian entities aiming to go global.

Offering a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings including fintech related solutions. We also provide services and solutions in niches such as risk management, commodity trading, reinsurance, wealth management, international business companies and Islamic financial services. Operating with clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan FSA, Labuan IBFC provides an ideal jurisdiction for both corporates and high-net-worth individuals with international exposure.
 
Website: www.labuanibfc.com
Facebook: Labuan IBFC
Twitter: @labuanIBFC


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