LABUAN, The Labuan Financial Services Authority (Labuan FSA) has reiterated its unwavering commitment to ensuring all businesses operating within the Labuan International Business and Financial Centre (Labuan IBFC) are legitimate, transparent, and fully compliant with prevailing legal and regulatory standards. In a statement to Bernama today, the regulator emphasised that this commitment is part of its broader effort to combat money laundering and terrorism financing, reflecting Malaysia's active role as a member of the Asia/Pacific Group on Money Laundering (APG) and the Financial Action Task Force (FATF). Labuan FSA said it enforces stringent regulations across all business activities in the IBFC, including rigorous due diligence at the entry level and ongoing supervisory monitoring. These measures, the authority added, are designed to ensure that Labuan IBFC remains a well-governed and trustworthy financial centre. It was recently reported that an illegal online gaming operator's attempt to launder hu ndreds of millions of ringgit in illicit gambling revenue was thwarted by Bukit Aman's Anti-Money Laundering division. The suspect had tried to conceal his activities by manipulating deposits through offshore entities facilitated by a licensed financial institution in Labuan. Labuan FSA said that as part of their regulatory obligations under the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, as well as Labuan IBFC's own Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) framework, entities within Labuan are required to adhere to know-your-customer protocols and submit suspicious transaction reports. Additionally, cash transactions are explicitly prohibited within the centre, further bolstering its financial integrity. Given that Labuan IBFC is an integral component of Malaysia's financial ecosystem, Labuan FSA actively collaborates with both national and international law enforcement agencies and regulatory bodies. This collaboration enc ompasses supervision, enforcement, investigation, and intelligence sharing to ensure comprehensive oversight. The authority stressed that it does not tolerate any breaches of Labuan IBFC's laws and regulations, particularly those related to AML/CFT requirements. Labuan FSA affirmed that it will not hesitate to take decisive action against any offenders, thereby safeguarding the centre's reputation and integrity. Source:BERNAMA News Agency