Business operations, policy in Labuan IBFC unchanged
LABUAN: Labuan Financial Services Authority (Labuan FSA) would like to reassure its license holders, intermediaries, advisors and the general marketplace that the recent changes to its personnel both at operational level and the Board will in no way impact its day to day operations as a well-managed, regulated and supervised jurisdiction.
Businesses are assured of the continued operations of Labuan FSA and the jurisdiction it regulates; Labuan International Business and Financial Centre, without any changes to the jurisdiction’s operating environment and its policy stance, it said in a statement.
This comes a er news of the surprise resignation of directorgeneral of the Labuan Financial Services Authority (FSA), Datuk Danial Mah Abdullah, cu ing short his second term at the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan.
His resignation took effect on April 9 and was followed by the resignation of chairman Datuk Azizan Abdul Rahman on April 12.
Labuan FSA, in its short notification circulated to all the industry players through association members, stated that in the interim period, pending the appointment of a new directorgeneral, deputy director-general Datuk Iskandar Mohd Nuli will helm the role (director-general).
The notification was circulated to the Association of Labuan Banks, Association of Trust Companies, Labuan International Insurance Association, Labuan Investment Banks Group and Labuan International Financial Exchange.
“Measures have been put in place for succession in management, as evidenced by the appointment of Datuk Iskandar Mohd Nuli as Acting Director General, and in addition Authority members will actively support the Management of Labuan FSA during this transitional phase,” it added.
“In addition, there will be no changes to the senior management of the regulator, allowing for business continuity. There will also be no changes to its market development subsidiary Labuan IBFC Inc, which will continue to work with stakeholders towards ensuring the continued growth of the jurisdiction.
“The Authority members and Management of Labuan FSA are in constant liaison with the Ministry of Finance, Malaysia, during this interim period, in particular towards the appointment of the next Director-General and Chairman of the Authority.
“Labuan FSA would like to reassure its more than 800 license holders of the continued cultivation of a progressive, proportionate and robust industry, providing a facilitative efficient platform for cross border financial services.
“Labuan IBFC, which has been in existence for more than three decades will continue to function as the preferred mid shore wholesale financial intermediation centre for Asia.”
Mah was one of the pioneers in the Labuan FSA (the then Labuan Offshore Financial Services Authority or LOFSA) since 1997 and was the deputy director-general and appointed as director-general in 2017 for a three-year term until 2020 and was extended for another threeyear term.
Azizan who was the directorgeneral of Labuan FSA (retired in 2011), was appointed as the chairman from Nov 1, 2020 to Oct 31, 2023.
Measures have been put in place for succession in management, as evidenced by the appointment of Datuk Iskandar Mohd Nuli as Acting Director General, and in addition Authority members will actively support the Management of Labuan FSA during this transitional phase. Labuan FSA