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business
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Below is one of our free research papers on business. If the term paper below is not exactly what you're looking for, you can search our essay database for other topics.
The Labuan Financial Services Authority (Labuan FSA), formerly known as Labuan Offshore Financial Services Authority (LOFSA) was set up on 15 February 1996 as a single regulatory body to spearhead and coordinate efforts to promote and develop Labuan as an International Business & Financial Centre (IBFC). Its establishment further underscores the government’s commitment to make Labuan a premier IBFC of high repute.
Labuan FSA is expected to streamline the government machinery in supervising the international business and financial centre and undertake research and development works as well as to draw up plans for further growth and greater efficiency of the Labuan IBFC. The challenge for Labuan FSA is to strategically position Labuan as a vibrant financial centre region. Towards this end, Labuan FSA currently embarks on a two-prong plan to develop the Labuan IBFC: by creating an integrated business and financial centre which offers a wide range of products and services including the development of Islamic instruments; and providing a legal framework conducive for the development of industry in Labuan IBFC. Since its establishment, Labuan FSA has reviewed the existing legislations in order to make the required changes as well as to propose new activities to expand and deepen the financial services industry. Labuan FSA is also taking measures to attract a greater number of professionals and skilled workers to live and work in Labuan IBFC to support the industry. As ...
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