Section 108F

Any Labuan company, foreign Labuan company, resident secretary or person served with the notice under subsection (1) shall comply with such notice within seven days of the receipt of such notice.

Notwithstanding subsection (1), the Authority may use its power under sections 28B and 28C of the Labuan Financial Services

Authority Act 1996 in relation to the particulars of beneficial ownership and information kept by the Labuan company or foreign

Labuan company pursuant to this Division.

If default is made in complying with this section, the Labuan company, foreign Labuan company or resident secretary and every officer of the company who is in default commits an offence under this Act.

Penalty: One million ringgit and in the case of a continuing offence, to a further fine of ten thousand ringgit for each day during which the offence continues after conviction.

If default is made in complying with this section, the person who is in default commits an offence under this Act.

Penalty: Imprisonment for a term not exceeding ten years or a fine three million ringgit or both, and in the case of a continuing offence, to a further fine of ten thousand ringgit for each day during which the offence continues after conviction.

Labuan Companies 121

Power of Authority to issue guidelines