Jurisdiction Repositions Itself as a Midshore Business and Financial Centre
KUALA LUMPUR, Malaysia, Sept. 17, 2013 /PRNewswire/ -- Labuan International Business and Financial Centre (Labuan IBFC) remains resolute in its commitment to uphold its legal framework in line with internationally agreed standards and best practices.
This was the primary message communicated to Mr. Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration, in a meeting between senior officials from Labuan Financial Services Authority (Labuan FSA) and the OECD Centre in Paris on 13th September 2013. One of the initiatives by the Organisation for Economic Cooperation and Development (OECD) is to enhance tax transparency practices within the world's international financial centres.
"The meeting with OECD is important because it provided a stakeholder engagement platform for Labuan FSA to reiterate our position with regards to the regulatory and tax transparency framework, in particular to the effective exchange of information. The OECD Centre's continued endorsement is important for Labuan IBFC in its ambition to be the International Financial and Business Centre for ASEAN and the Asia Pacific," said Danial Mah Abdullah, Deputy Director General of Labuan FSA, at the meeting.
"To reflect its enhanced supervisory framework and compliance with internationally agreed standards and best practices, Labuan FSA has positioned itself as a midshore jurisdiction with a robust regulatory framework, and the flexibility and competitiveness of an international financial centre," added Saiful Bahari Baharom, CEO of Labuan IBFC Inc., the promotion arm of Labuan IBFC.
Labuan is presently on the OECD "white list" of jurisdictions that have substantially implemented internationally agreed tax standards under the Global Forum on Tax Transparency and Exchange of Information and are deemed to have the necessary tax reporting and transparency framework in place. Initiatives undertaken to further strengthen Labuan IBFC's position as a regulated jurisdiction which adopts best practices and internationally agreed standards include:
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