New / Amended
1. New Legislations
a. Offshore Companies (Amendment)
The Offshore Companies (Amendment) Act 2000 seeks to introduce new sections
to allow electronic filing and lodgement of documents required under the Offshore
Companies Act, 1990 (OCA) and to enable extracts from such documents transferred
electronically be admitted in any proceedings. It also imposes a duty upon trust
companies to keep the original copies of such electronically transferred documents.
b. Offshore Banking (Amendment) Act 2000
The Offshore Banking (Amendment) Act 2000 allows non-banking institution to
carry out certain offshore financial activities. This amendment Act also facilitates
and regulates the electronic money transfer activities in the offshore financial
In addition, the amendment Act clearly precludes companies registered to carry out
offshore financial activities under the OCA from the provisions of the Banking and
Financial Institution Act, 1989 and the Islamic Banking Act, 1983.
2. New / Amended
The Labuan Offshore Financial
Services Authority has recently issued the following guidelines :-
a. Amended Guidelines on Carrying out Leasing Business in Labuan;
b. Guidelines on Carrying out Offshore Factoring Business in Labuan.
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© October 2000