Malaysia legislation
Section 2
Section 2
Amendment of section 2
The Labuan Trusts Act 1996 [Act 554], which is referred to as the “principal Act” in this Act, is amended in section 2—
(a)
in the definition of “resident”, by substituting for the words
“pursuant to section 43 of the Exchange Control Act 1953
[Act 17]” the words “pursuant to paragraph 214(6)(a)
of the Financial Services Act 2013 [Act 758] and paragraph 225(6)(a) of the Islamic Financial Services
Act 2013 [Act 759]”; and
LABUAN TRUSTS (AMENDMENT) ACT 2025
(b)
by inserting after the definition of “authorized officer”
the following definition:
‘ “beneficial owner” means a natural person who controls or benefits directly or indirectly from the property or asset of a Labuan trust, and includes a person who exercises effective control and influence in the Labuan trust as may be determined by the Authority;’.
Amendment of section 7