Labuan conference presentation 1 - 19.11.2012
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Labuan, Malaysia aims to become a globally recognized international financial center. However, it faces challenges from increased money laundering sophistication and higher global scrutiny of jurisdictions. While Shariah finance offers huge growth potential for Labuan, it must ensure people understand anti-money laundering practices in this area. Being linked to Malaysia also carries inherent risks to Labuan's reputation that it must manage. Sanctions breaches and negative publicity could significantly harm Labuan's business environment. To rise further, Labuan must capitalize on its strengths like location and Shariah finance while avoiding money laundering issues that have plagued other jurisdictions.
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- 1. An external view of Labuan & Malaysia in the Global AML context Sam Gibbins Director, International Compliance Association
- 2. Introduction Born in UK, living in Singapore for nearly 4 years Studied at King¡¯s College, University of London Background in recruitment and sales/marketing Spent 3 years working in the City (London) before moving to Asia)
- 3. Introduction International Compliance Association ¨C global body dedicated to the professionalisation of compliance, AML and financial crime prevention professionals Offices in UK, Dubai, and Singapore. Regional operations in Russia and Hong Kong Localised training courses for AML offered in Malaysia. Compliance coming soon¡
- 4. Increasing Money Laundering Sophistication Increasing global sophistication of money laundering More difficulty in preventing money laundering? Higher level of global scrutiny of jurisdictions and their money laundering effectiveness; how effective are fines as deterrents?
- 5. Monday 19 November 2012
- 6. Left Foot Political Blog, November 9 2012
- 9. Is Labuan a serious alternative? Singapore, Hong Kong, Australia Is Labuan seen as a ¡®layering¡¯ option? FATF Members; perceived to have higher level of sophistication
- 10. Is Labuan a serious alternative? Helping to become a more recognised player in the international scene Moving ahead of middle ground players, for example those in Central/South America Striving towards the ¡®Premier Centre status; is this achieved yet?
- 11. Business Times (Malaysia), 13 July 2009
- 12. Importance of Shariah finance Huge potential growth area into the future ¡®This is further evident in the increase of Islamic private funds in the Labuan IBFC from USD 1.4 billion in 2007 to USD 2.8 billion in 2008; while in the same period, the Islamic reinsurance business ¨C re-takaful ¨C saw gross contributions increase by 48% to USD 162 million¡¯ (Labuan IBFC) ¡®There are currently six Islamic Banks and nine Islamic windows which collectively reported an 87% increase in banking assets from 2009 to 2011¡¯ (Labuan IFC)
- 13. Do People understand AML in relation to Shariah Finance?
- 14. Shariah Finance Watch Blog, 25 September 2012
- 15. Impact of linkage with Malaysia? Inherent risk of being linked with Malaysia and all ¡®bad¡¯ news How do people view the ability of financial services firms in Labuan to verify procedures, documentation and information? What is the risk of loss of doing business in Labuan?
- 16. Sanctions How much of a threat does this pose here in Labuan? Increasing evidence of sanctions breaches Very negative impact in many different business scenarios¡
- 18. Bruno Manser Fund, 4 June 2012
- 19. Sanctions and the PR Machine People depositing their funds in Labuan do so because they do not want to be attracting publicity Higher international awareness of Labuan is a double edged sword
- 20. Conclusions Labuan's position on the borders of Asia and Australasia provides ready access to and from the World's fastest developing economies and also to the greatest population densities on the planet Mondaq.com, 21 July 2011 Callum Beaton
- 21. Conclusions Labuan must continue to build on it¡¯s strengths: Location Shariah finance Lack of global exposure
- 22. Conclusions Labuan is on the rise along with the rest of SE Asia MUST avoid the same fate of other jurisdictions with relation to the money laundering trap, and stay our of the headlines
- 23. Any questions? Thank You!
Editor's Notes
- #5: Increasing use of various technology to aid money launderers?Examples such as:
- #8: Do deterrents work?Or will the money laundering criminals always find ways around the barriers you try and erect?Is this simply a case of human nature?
- #11: Location helping to become a more recognised player in the global scene
- #21: Global positioning is key and an essential component of Labuan¡¯s growth