On 15 August 2023, the Labuan Worldwide Enterprise and Monetary Centre (Labuan IBFC) formally launched its first anti-money laundering (AML) and counter terrorism financing (CFT) compliance platform with the formation of the Labuan Financial institution Compliance Officers’ Networking Group (LB-CONG). The LB-CONG will turn into the devoted platform for Labuan banking establishments to successfully deliberate on AML and CFT compliance issues and finest practices.
The institution of the LB-CONG is the product of a collaboration between Labuan Monetary Companies Authority and the Labuan banking sector, represented by the Affiliation of Labuan Banks and the Labuan Funding Banks Affiliation. It’s envisaged that the LB-CONG shall be a catalyst for a lot of different partnership alternatives between the authority and the market in selling a powerful AML and CFT compliance tradition throughout the Labuan IBFC.
For additional data on this subject please contact Pamela Kung at Shearn Delamore & Co by phone (+60 3 2027 2911) or e-mail ([email protected]). The Shearn Delamore & Co web site might be accessed at www.shearndelamore.com.
