Malaysia Budget 2001
Malaysia Budget 2001
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New Legislations

New / Amended Guidelines

1. New Legislations

a. Offshore Companies (Amendment) Act 2000

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 industry.

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 Guidelines

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