Section 87
of Labuan Financial Services and Securities Act 2010
ActIn forceProvision 87 of 201
Section 87
(1)
No person shall carry on Labuan banking business, Labuan investment banking business or Labuan financial business unless—
(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.