Malaysia legislation
Section 87
Section 87
(a)
it is a Labuan company or a foreign Labuan company;
or
(b)
it is a Malaysian bank, and holds a valid licence to carry on such business.
Act 704
(2)
Any person who contravenes subsection (1) commits and offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a continuing offence, shall, in addition, be liable to a daily fine not exceeding ten thousand ringgit for each day the offence continues to be committed.
Application for licence to carry on Labuan banking business