In February 2009, LOFSA issued an operating license to Far East Export Bank (FEEB), a wholly owned subsidiary of Iran-based Bank Mellat.
However, Malaysia should enact legislation to improve AML/CFT oversight in Labuan and endow LOFSA with sufficient resources to carry out adequate supervision, particularly over its banks, IBCs, and trust companies.
There is no requirement to publish the true identity of the beneficial owner of international corporations; however, LOFSA
requires all organizations operating in Labuan to disclose information on its beneficial owner or owners, as part of its procedures for applying for a license to operate as an offshore company.
As the Director-General of LOFSA
, Dato' Azizan has overseen the realisation of several key initiatives to position Labuan as a premier international business and financial centre, including the rebranding of Labuan in January 2008 as Labuan International Business and Financial Centre (IBFC), establishment of a separate entity that undertakes the promotion and marketing of Labuan IBFC, and the flexibility of co-location for Labuan holding companies in Kuala Lumpur as part of the national financial liberalisation measures.