Labuan Offshores Trusts Act 1996 · Updated to 1 Dec 2011 · Part II · Creation and Recognition of Labuan Trusts
8A. Secrecy
Official textFrom Laws of Malaysia Online, unchanged
Subject to subsection (3), no person who has by any means access to any record, book, register, correspondence, document, material or information, relating to the business and affairs of a
person
―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
Labuan trust shall give, divulge, reveal, publish or otherwise disclose to any person such record, book, register, correspondence, document, material or information.
Labuan trust
―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
All proceedings (other than criminal proceedings) relating to a
Labuan trust commenced in any court under the provisions of this
Act and any appeal therefrom, shall, unless the court otherwise
16 Laws of Malaysia ACT 554
Malaysia
―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the Labuan Trusts 9 territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;
orders, be heard in camera and no details of the proceedings shall be published by any person without leave of the court.
Subsection (1) shall not apply where disclosure is required—
pursuant to an order by any court of competent jurisdiction in any proceedings;
for the purpose of the performance of the Authority’s supervisory functions as may be provided for under the
Labuan Financial Services Authority Act 1996;
pursuant to section 22 of the Labuan Business Activity
Tax Act 1990; or
with the consent of the Labuan trust.
Where an order referred to in paragraph (3)(a) has been obtained by an ex-parte application, the trustee may notify the person affected by the order and upon receipt of such notification, the affected person may file in the necessary application to the court to contest the order or otherwise comply with the order accordingly;
trustee
―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
A person who contravenes subsection (1) commits an offence.
Penalty: Imprisonment for three years or one million ringgit or both.
Nothing in this section shall prevent any court from exercising its discretion to require any person to produce any document or to give any evidence in any proceedings before the court which is relevant to those proceedings.
Terms defined in this Act
Authority
Defined · s 2―Authority‖ means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;
business
Defined · s 46B―business‖, in relation to a company, includes the holding of shares or other assets and non-commercial activities;
Labuan trust
Defined · s 2―Labuan trust‖ has the meaning assigned to it under subsection 8(1);
Malaysia
Defined · s 2―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the Labuan Trusts 9 territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;
person
Defined · s 2―person‖ includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
trustee
Defined · s 2―trustee‖ means a person appointed to act as a trustee of a trust in accordance with the provisions of this Act;
Part III
Beneficiaries of Labuan Trusts
Part IV
Trustees of Labuan Trusts
Part V