Labuan Financial Services Authority Upholds Sector's Integrity With Zero Tolerance Policy
LABUAN, Jan 17 (Bernama) – The Labuan Financial Services Authority (Labuan FSA) has reaffirmed its commitment to upholding the integrity of the Labuan’s financial sector, emphasising a strict zero-tolerance policy toward any legal breaches.
In a statement to Bernama today, Labuan FSA underscored its readiness to take decisive enforcement actions against individuals or entities found engaging in unlawful activities that violate the jurisdiction’s laws.
These enforcement actions may include administrative penalties, business restrictions, licence revocations, and delisting from the registry.
It will also collaborate with other law enforcement agencies to pursue criminal prosecution where necessary.
"Entities licensed under our regulatory purview must adhere to the highest standards of professional conduct and comply with all rules and regulations," the statement said.
There will be continuous efforts to ensure that financial service providers comply with laws and guidelines.
The authority also advised the public to conduct thorough due diligence and seek professional financial advice before engaging in any financial investments.
"It is crucial to verify the credentials of financial service providers to ensure they are properly licensed and authorised by the authorities, including Labuan FSA," the statement added.
This statement comes in the wake of recent reports concerning an alleged investment scam involving a licensed entity under Labuan FSA's jurisdiction.
Labuan FSA expressed its concern over the matter and reaffirmed its dedication to preserving the integrity and trust of the financial system at the Labuan International Business and Financial Centre.
-- BERNAMA