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Labuan IBFC Ensures Businesses Comply With All Regulations
KUALA LUMPUR, Nov 6 (Bernama) -- The Labuan Offshore Financial Services Authority (LOFSA) says it will ensure that financial businesses in Labuan continue to comply fully with international regulatory requirements.
It will take forceful action against any breach and non-compliance, it said in a statement here Friday.
The Labuan International Business and Financial Centre (Labuan IBFC) is well-regulated and the prudential practices are on par with international standards, LOFSA said.
It continues to cater to legitimate and sound businesses.
The strict regulatory and supervisory regime, including the prohibition of cash transactions in the IBFC, the application of anti-money laundering rules and procedures on the financial institutions in Labuan are designed to preserve the centre's integrity and reputation, it added.
-- BERNAMA
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CLOSING, FRIDAY, NOV 20
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US |
3.3840/3870 |
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S'pore
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2.4348/4430 |
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100 Yen
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3.8065/8103 |
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Sterling
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5.6141/6204 |
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Euro |
5.0405/0460 |
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Source: Bank Negara
Malaysia |
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