All Trust Companies,
Malaysia, including Labuan, will undertake a Mutual Evaluation (ME) as a member of the Financial Action Task Force (FATF) to evaluate its efforts to combat money laundering, terrorist funding, and proliferation finance. Technical compliance with FATF 40 Recommendations and effectiveness on eleven Immediate Outcomes (IO) will be assessed.
In order to adhere to the ‘Transparency and Beneficial Ownership of Legal Persons and Arrangements’ criteria outlined in Recommendations 24, 25 and IO 5, Labuan FSA will publish in the LOI and LOC the nominee director and shareholder’s status of Labuan and foreign companies starting on 1st June 2024. LOI and LOC applications will continue to be request-based. A consent letter from the director or shareholder, or a court order, will be required for issuance, if any. The Circular is attached for your perusal.
Circular-303.2024.ALTC_Incorporation-of-Nominee-Status-in-LOI-and-LOC_16052024