Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XII · General
142. Application of *Exchange Control Act 1953
Feedback & supportSubject 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.
Islamic bank licensee
“Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;
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.
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*NOTE—The Exchange Control Act 1953 [Act 17] has since been repealed by the Financial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.
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