Labuan Foundations Act 2010 · Updated to 23 Apr 2025 · Part VI · Capacity of Labuan Foundation
59. Accounts to be kept
Feedback & supportA Labuan foundation shall cause to be kept proper accounting and other records as will sufficiently explain the transaction and financial position of the Labuan foundation.
Every Labuan foundation and the officers of the Labuan foundation shall cause appropriate entries to be made in the accounting and other records of the Labuan foundation within sixty days of the completion of the transactions to which they relate.
The accounting and other records of a Labuan foundation shall be kept at the registered office of the Labuan foundation or at such other place in Labuan as the officers think fit and shall at all times be open to inspection by the council members, supervisory person, officers, and the approved auditor, if one is appointed.
supervisory person
“supervisory person” means any person or body of persons having supervisory powers over the Labuan foundation and is appointed under the charter of the Labuan foundation;
An officer of a Labuan foundation who fails to take all reasonable steps to secure compliance by the Labuan foundation with the requirements of this section, or has by his own wilful act been the cause of any default by the Labuan foundation under this section, commits an offence and shall, upon conviction be liable to a fine not exceeding ten thousand ringgit or to imprisonment for a term not exceeding six months or to both.
officer
“officer” means the officer of a Labuan foundation appointed in accordance with section 35;
Any founder, council member, supervisory person, officer and secretary of a Labuan foundation shall be entitled to be furnished, within seven days after he has made a request to the Labuan foundation, with a copy of the financial statements, accounts and
founder
“founder” means the person who subscribes his name to the charter establishing a Labuan foundation acting either for himself or on behalf of another person and who, by transfer of title, endows that Labuan foundation with its initial assets;
Labuan Foundations 55
records and report of approved auditor, if any, at no charge and if default is made in furnishing such a copy, the Labuan foundation and every officer is deemed to commit an offence and shall, upon conviction be liable to a fine not exceeding ten thousand ringgit or to imprisonment for a term not exceeding six months or to both.
approved auditor
“approved auditor” means a person approved by the Authority as an approved auditor under section 10 of the Labuan Companies Act 1990;