s 12 Registration of offshore trust
(1) Every offshore trust validly created in accordance with or as provided by this Act, whether in Labuan or abroad, may be registered with the Authority. (2) The trustee of an offshore trust shall be responsible for registering the offshore trust and any subsequent changes in connection therewith under this Act, if the offshore trust is registered pursuant to subsection (1). (3) The registration of an offshore trust shall be effected by filing with the Authority the following: (a) a statement containing— (i) the name of the offshore trust; (ii) the date of its creation; (iii) the name and address of the trust company acting as trustee; (iv) the address of the registered office of the offshore trust; (v) the proper law of the offshore trust; and (b) a declaration by the trust company acting as trustee of the offshore trust that the trust satisfies the conditions of this Act in order that it be an offshore trust. (4) The Authority may, on being satisfied that all the requirements of this Act for the existence of an offshore trust have been complied with and upon payment of the prescribed fee, register the trust and issue a certificate of registration accordingly. (5) Any subsequent change in the particulars of the registered offshore trust as referred to in subsection (3) shall be notified to and be registered with the Authority in the prescribed form within one month of the change and shall not have effect until it is so registered. (6) The trustee of the registered offshore trust shall notify the Authority of the termination of the trust in the prescribed form within one month of the termination. (7) The trustee of the registered offshore trust shall notify the Authority in the prescribed form as to whether the trust is still in existence and whether he is still the trustee thereof not later than one month after every anniversary of the registration of the trust in Labuan. (8) Any trustee who fails to comply with the requirements of this section shall be guilty of an offence. Penalty: Ten thousand ringgit. (9) For the purpose of subsection (8), if there are two or more trustees, the requirements of this section shall be deemed to have been complied with by all the trustees so long as one of them has complied with them.