Labuan Financial Services and Securities Act 2010 s 87
Labuan Financial Services and Securities Act 2010 s 87
s 87 Labuan banking business, Labuan investment banking business and Labuan financial business to be carried on only under licence
(1) No person shall carry on Labuan banking business, Labuan investment banking business or Labuan financial business unless—
(a) it is a Labuan company or a foreign Labuan company; or
(b) it is a Malaysian bank,
and holds a valid licence to carry on such business.
(2) Any person who contravenes subsection (1) commits and offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a continuing offence, shall, in addition, be liable to a daily fine not exceeding ten thousand ringgit for each day the offence continues to be committed.
Malay text (authoritative)
Perniagaan perbankan Labuan, perniagaan perbankan pelaburan Labuan dan perniagaan kewangan Labuan hendaklah dijalankan hanya di bawah lesen
(1) Tiada seorang pun boleh menjalankan perniagaan perbankan Labuan, perniagaan perbankan pelaburan Labuan atau perniagaan kewangan Labuan melainkan jika—
(a) orang itu ialah syarikat Labuan atau syarikat Labuan asing; atau
(b) orang itu ialah bank Malaysia,
dan memegang lesen sah untuk menjalankan perniagaan sedemikian.
(2) Mana-mana orang yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi sepuluh juta ringgit atau dipenjarakan selama tempoh tidak melebihi lima tahun atau kedua-duanya, dan dalam hal kesalahan yang berterusan, boleh sebagai tambahan, dikenakan denda harian tidak melebihi sepuluh ribu ringgit bagi setiap hari kesalahan itu terus dilakukan.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
