Section 142
Application of *Exchange Control Act 1953
of Labuan Islamic Financial Services and Securities Act 2010
Subject to subsections (2) and (3), nothing in this Act shall affect the provisions of the *Exchange Control Act 1953
and in the application of any provision of this Act to a person or an Islamic bank licensee, such provision shall apply subject to the provisions of the *Exchange Control Act 1953.
(2)
Where there is conflict or inconsistency between the provisions of this Act and the provisions of the *Exchange Control
Act 1953, the provisions of the *Exchange Control Act 1953 shall prevail.
(3)
The provisions of the *Exchange Control Act 1953 shall not apply in respect of any transactions exempted under that Act and any guidelines, circulars or notices issued under the *Exchange
Control Act 1953.
*NOTE—The Exchange Control Act 1953 [Act 17] has since been repealed by the Financial
Services Act 2013 [Act 758] which comes into operation on 30 June 2013—see section 271 and 272 of Act 758.
Labuan Islamic Financial Services and Securities 145