International Membership

Labuan FSA is a member of several international organisations that promote a high level of regulatory standards amongst international financial centres. These organisations are:

  1. Group of International Finance Centre Supervisors (GIFCS)

    The GIFCS (formerly known as the Offshore Group of Banking Supervisors) was formed in October 1980 to promote a positive, constructive and coordinated response to the approaches made by other supervisory authorities. (Member since 1999)
  2. International Organisation of Securities Commissions (IOSCO)

    IOSCO is the worldwide association of national securities regulatory commissions. The role of the IOSCO is to assist its members to promote high standard of regulations and act as a forum for national regulators for international cooperation. Labuan FSA is currently a signatory of Appendix B to IOSCO MMoU. (Member since 2003).
  3. Offshore Group of Insurance Supervisors (OGIS)

    OGIS is a grouping of insurance regulators and supervisors from offshore jurisdictions with the aim of promoting proper supervision of offshore business. OGIS membership provides a unique facility for offshore jurisdictions to exchange information in maintaining the highest international standards of insurance regulation. (Member since 1999)
  4. International Association of Insurance Supervisors (IAIS)

    IAIS was established in 1994 to represent insurance regulators and supervisors from 190 international financial jurisdictions to promote financial stability by working closely with financial sector standard setting bodies and international organisations. The IAIS issues global insurance principles, standards and guidance papers, provides training and support on issues related to insurance supervision, and organises meetings and seminars for insurance supervisors. (Member since 1998)

 



Cont..

  1. International Islamic Financial Market (IIFM)

    IIFM is the global standardization body for the Islamic Capital & Money Market segment of the Islamic financial market. IIFM acts as a market body in the development and maintenance of uniformity, assist with standards benchmarking for transparency and robustness of Islamic financial market. Its primary focus lies in the standardization and Shariah harmonization of Islamic products, documentation and related processes. IIFM also provides universal platform to market participants through "Global Working Groups" for the development of Islamic capital and money market. (Member since 2002)
  2. Islamic Financial Services Board (IFSB)

    IFSB is an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry. IFSB promotes the development of prudent and transparent Islamic financial services through the introduction of new, or adaptation of existing international standards consistent with Shari'ah principles. IFSB complements the Basel Committee on Banking Supervision, IOSCO and the IAIS. (Member since 2003)
  3.  Asia/Pacific Group on Money Laundering (APG)

    APG is an international grouping of more than 40 members founded in 1997 that facilitates improvements for compliance with the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) standards. It also assesses APG members' compliance with the global AML/CFT standard through mutual evaluation and conducts research into money laundering and terrorist financing methods, trends, risks and vulnerabilities. (Member since 2000)