's Board of Directors has undertaken an extensive international search process over the last 5 months to secure the best candidate for the position.
There is no requirement to publish the true identity of the beneficial owner of international corporations; however, LOFSA requires every organization operating in Labuan to disclose information on its beneficial owner(s), as part of its offshore company licensing procedures.
In February 2009, LOFSA issued an operating license to Far East Export Bank (FEEB), a wholly owned subsidiary of Iran-based Bank Mellat.
The island's aspirations are faring well thanks to LOFSA
's five objectives: (1) to promote the island as a welcome business haven; (2) to encourage business development for companies already on the island; (3) to register, incorporate and supervise offshore activities; (4) to administer financial regulations; and (5) to enforce national law.
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.
In November 2005, LOFSA revoked the license of the "Blue Chip Pathfinder" Private Fund for "evidence that Swift Securities & Investments Ltd had contravened the terms of the consent and acted in a manner that was detrimental to the interests of mutual fund investors." Eleven days later, LOFSA revoked the investment banking license of Swift Securities & Investments Ltd for "contravening the provisions of the license."
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.