Media &
 Investor Alert
For media contact details and an archive of press release, speeches and regulator updates.
Labuan FSA Issues New Guidelines on Anti-Money Laundering and Counter Financing of Terrorism
Labuan Financial Services Authority (Labuan FSA) recently issued new guidelines, which came into effect on 30 December 2013, as part of its continuous efforts to enhance existing measures on anti-money laundering and counter financing of terrorism:
 
  • Guidelines on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Banking Sector 
  • Guidelines on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Insurance and Takaful Sectors 
  • Guidelines on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Trust Company Sector 
  • Guidelines on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Capital Market and Other Business Sectors 

These guidelines are drawn up in accordance with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, and are intended to safeguard the integrity and soundness of both the Labuan International Business and Financial Centre (Labuan IBFC) and the Malaysian financial system. Reporting institutions must carry out their business in conformity with high ethical standards, and exercise vigilance and be on guard against undertaking business transactions with possible links to money laundering and terrorism financing (ML/TF) activities.

In addition, the guidelines adopt the Financial Action Task Force's internationally-recognised series of Recommendations presented in February 2012, among which include advising countries in its global network to take up a risk-based approach in identifying, assessing and understanding their ML/TF risks, and placing the onus on reporting institutions to assess and mitigate those risks.

All persons and licensed institutions of the aforementioned sectors are given a one-month grace period to adjust and comply with the new requirements by 1 February 2014.

For the comprehensive guidelines on anti-money laundering and counter financing of terrorism, please refer to the attachments.

Friends of
Labuan IBFC
We would like to hear from you
Copyright © labuan ibfc
Ooops!
Generic Popup