Insight Plus - July 2017 - _OLD

July 2017

Insight

Plus

Direct from Asia Pacific's Leading Midshore Business and Financial Centre.

Rethinking IFCs: A serving of transparency, with a side of substance

Transparency and substance is the new staple for a modern and successful IFC, while continuous subscription to the highest money laundering and terrorism financing standards a given.

There is a lot on the plate of international financial centres (IFCs) today, mostly brought about by the winds of change from numerous global multilateral initiatives. IFCs around the world will need to reposition their value propositions to remain capable of operating successfully, while creating a level of acceptability from a reputational angle...

HIGHLIGHTS

How can corporates self-insure? – Captive insurance and its benefits, Anthony Egerton

Anthony Egerton, Principal Officer of Huntington Underwriting Limited shares the ins and outs of captive insurance and how corporates could benefit from it.

Labuan Financial Services Authority (Labuan FSA) commits to combat money laundering and terrorism financing activities

As a member of several international standards-setting bodies, Labuan FSA is committed to combat any money laundering and terrorism financing activities in Labuan IBFC.

Automatic exchange of information − New powers to impose penalties under the Labuan Tax Law

The Labuan Business Activity Tax (Amendment) Act 2017 (LBATA) will soon entail the publication of AEOI regulations for Labuan entities paying taxes under the LBATA, similar to the AEOI regulations published on 23 December 2016 for taxpayers paying taxes under the Income Tax Act

A MESSAGE FROM US

To stay relevant and future-proof themselves, IFCs today have to contend with transparency issues, be substance-enabling, and commit to an active anti-money laundering and terrorism financing regime.

In this new normal, seismic changes can only be anticipated and to a certain extent these changes have arrived within the offshore financial services fraternity.

So this month, we are featuring an article discussing on the standards for a modern and successful IFC and it is worth noting how Labuan IBFC is well-fitted in these conditions.

I hope you will enjoy this month’s edition.

Danial Mah Abdullah

CEO, Labuan IBFC

events

MARIM Conference 2017

Time: 8.00 AM - 4.45 PM

Venue: Le Meridien, Putrajaya, Malaysia

reading list

Captives need to act now over BEPS compliance

Multinational companies with large captives need to be prepared to demonstrate their alignment to BEPS principles or face potential reputational damage and financial penalties.

Labuan head addresses growing tax transparency

The director-general of Labuan Financial Services Authority, Ahmad Hizzad Baharuddin, spoke to AsianInvestor about the changing environment for tax transparency.

Global Wealth 2017: Transforming the client experience

The overall growth of global private wealth picked up momentum in 2016, allowing for a good deal of regional variation. Asia Pacific was nonetheless the most robust region, achieving an increase that was just shy of double digits.

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