Labuan Financial Services Authority Act 1996 · Updated to 1 Dec 2011 · Part II · The Authority
28B. Submission of information
Official textFrom Laws of Malaysia Online, unchanged
The Authority may, in the exercise of its supervisory functions under this Act or the laws specified in the Schedule, require any offshore financial institution or any corporation related to the offshore financial institution to submit to the Authority any information—
Authority
“Authority” means the Labuan Financial Services Authority established under section 3;
relating to the identity, affairs, account or particulars of any person who is a customer of the offshore financial institution or any corporation related to the offshore financial institution, or his nominee or beneficiary;
relating to the identity, affairs or particulars of a beneficial owner of an account opened with the offshore financial institution or any corporation related to the offshore financial institution, or relating to such account; or
which the Authority deems necessary or expedient for the performance of such supervisory functions.
(Deleted by Act A1365).
(Deleted by Act A1337).
(Deleted by Act A1365).
Any information obtained by the Authority under subsection
or any other provision of this Act or the laws specified in the
Schedule shall be confidential and a secret between the Authority and the person supplying it, and no person who has any information or document which to his knowledge has been disclosed in contravention of this subsection shall in any manner disclose the information or document to any other person.
Notwithstanding subsection (5), the Authority may give, divulge, reveal, publish or otherwise disclose any information submitted under subsection (1)—
Labuan Financial Services Authority 31
Labuan financial services
“Labuan financial services” means any service provided by any person under any of the laws specified in the Schedule;
to any person in a consolidated or aggregated manner if it deems fit to do so, and such disclosure shall be confined to such information which does not relate to an individual
Labuan financial institution;
to the home supervisory authority of the Labuan financial institution and the disclosure may include any information which relates to an individual Labuan financial institution under the supervision of the home supervisory authority if the home supervisory authority has the necessary provision in its constituent documents or corresponding laws to safeguard such information from unlawful disclosure;
to the domestic law enforcement agency, when there is reasonable suspicion based on the evidence made available to the Authority that a criminal offence is about to be committed or is being committed or has been committed provided that the domestic law enforcement agency has executed a secrecy undertaking in favour of the Authority relating to any information provided under this subsection;
Terms defined in this Act
Authority
Defined · s 2“Authority” means the Labuan Financial Services Authority established under section 3;
corporation
Defined · s 2“corporation” means any body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes any foreign Labuan company as defined in the Labuan Companies Act 1990 but does not include— (a) any corporation sole; (b) any trade union registered under any written law; and (c) any society registered under any written law relating to co-operative societies;
criminal offence
Defined · s 28A“criminal offence” means any offence under— Labuan Financial Services Authority 29 (a) any law in Malaysia relating to offshore financial services; (b) the Penal Code; (c) the Dangerous Drugs Act 1952; (d) the Dangerous Drugs (Forfeiture of Property) Act 1988; (e) the Kidnapping Act 1961; or (f) any other written law in Malaysia that is punishable with imprisonment;
domestic law enforcement agency
Defined · s 28A“domestic law enforcement agency” includes a body or agency that is for the time being responsible in Malaysia for the enforcement of laws relating to the prevention, detection and investigation of any criminal offence;
home supervisory authority
Defined · s 28A“home supervisory authority” means any relevant authority or body in Malaysia or of any other country which exercises supervisory functions over the operations of offshore financial institutions;
Labuan financial institution
Defined · s 2“Labuan financial institution” means any person— (a) providing Labuan financial services; or (b) incorporated, registered or established under the laws specified in the Schedule;
Labuan financial services
Defined · s 2“Labuan financial services” means any service provided by any person under any of the laws specified in the Schedule;