The Labuan Financial Services Authority and Taiwan’s Financial Supervisory Commission have signed an agreement to cooperate on sectors such as banking, continuing moves by Labuan to bolster its financial centre status.

The Labuan Financial Services Authority and Taiwan’s Financial Supervisory Commission have signed an agreement to cooperate on sectors such as banking, continuing moves by Labuan to bolster its financial centre status.

The jurisdiction’s have signed a memorandum of understanding covering the supervisory cooperation and mutual assistance in the fields of banking, insurance, securities and futures, a statement from the organisations said.

The MoU includes rules that set out principles regarding how supervisory information is to be exchanged, the purpose of such exchanges, and the maintenance of confidentiality; the cooperation of on-site examinations, training and staff development.

A year ago, Labuan reiterated its commitment to uphold global financial standards such as transparency over tax. Labuan is on the OECD "white list" of jurisdictions that have substantially implemented internationally agreed tax standards under the Global Forum on Tax Transparency and Exchange of Information and are deemed to have the necessary tax reporting and transparency framework in place. Labuan FSA has issued a directive to clarify and reinforce the statutory requirements that Labuan entities must comply with, namely with respect to accounting and record-keeping.

Four years ago, Labuan took a number of steps to become a more visible and influential financial centre; see that story here.