LOFSA
Company Information
About
The LOFSA Company
Please
note: It looks like this website/company has ceased trading
LOFSA Mission & Vision
"Professional,
Focused and Committed"
"Labuan Offshore Financial Services Authority shall act
as a one-stop agency to realise the Government's vision to develop
Labuan as a premier IOFC by ensuring the highest level of integrity,
commitment and professionalism"
LOFSA
Roles & Functions
In
an effort to develop Labuan into a premier and successful IOFC,
LOFSA was established as a single regulatory agency on 15th February
1996 with the following roles and functions:-
To
be responsible for setting national objectives, policies and priorities
for the orderly development and administration of the Labuan IOFC.
To
be responsible for the promotion and development aspects of the
IOFC and recommend to the Government on new measures to speed up
the growth and development of the Labuan IOFC. Focus will be directed
particularly on promoting and coordinating the "software aspects"
of the IOFC such as policy and legal matters, while the physical
infrastructure ("hardware") side continues to be coordinated
by the Labuan Development Authority.
To
supervise the activities and operation of the offshore financial
services industry in Labuan and to process applications to conduct
business in the Labuan IOFC specifically in offshore banking, offshore
insurance and insurance related business, offshore trust and fund
management, incorporating and registration of offshore companies
as well as for the setting up of Labuan trust companies; and
To
administer and enforce the offshore financial services legislation
and work together with the offshore players in Labuan to promote
offshore financial services. The offshore legislation which the
Authority presently has to administer, enforce, carry out and give
effect are listed in the legislation section.
This
power also applies to any other law relating to offshore financial
services in Labuan. LOFSA will continue to review all of the Offshore
Acts to further stimulate the growth of offshore activities, while
ensuring that the prudential supervision of offshore companies,
particularly offshore banks, are given sufficient focus. The responsibilities
of regulating matters relating to exchange control will remain with
Bank Negara Malaysia, while those relating to taxation will remain
with the Inland Revenue Department.
The
setting up of LOFSA is seen as yet another indication of the Malaysian
Government's sincerity in delivering on its promises. The Authority
acts as a one-stop agency and paves the way for the government to
rationalise the regulatory framework of the offshore centre under
one agency instead of six different authorities. With the one-stop
agency, the procedures for obtaining licences, approvals and work
permits are expected to be streamlined.
Labuan
Offshore Financial Services Authority (LOFSA)
Level 17
Main Office Tower
Financial Park Complex
J alan Merdeka
87000 Labuan F.T.
Malaysia
|
