Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
83. Money paid to a Labuan trust company to be held in trust
Feedback & supportAny money, property or other valuable consideration paid or given to or held by a Labuan trust company in a fiduciary capacity shall always be kept separate from those of the Labuan trust company, and shall be so marked in the books of the Labuan trust company relating to each particular trust as always to be distinguished from any other in the registers and other books of account kept by the Labuan trust company, so that at no time shall such monies, property or other valuable consideration form part of or be mixed with the general assets of the Labuan trust company, and all investments made by the company as trustee shall be so designated that the trusts to which the investments belong can be readily identified at any time.
property
“property” includes any plant, machinery, equipment or other chattel attached or to be attached to the earth and “charters of ships” means bareboat charters only and does not include the transportation of passengers or cargo by sea or the charter of ships on a voyage or time charter;
Any Labuan trust company which fails to comply with the requirement of subsection (1) and every officer of that Labuan trust company who is in default commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;