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Kota Kinabalu
Khamis, Jun 20, 2024

Labuan  FSA and BERMUDA Monetray Authority Strengthen  Regulator Co-Operation

Nik Mohamed Din

LABUAN: The Labuan Financial Services Authority (Labuan FSA) signed a Memorandum of Understanding (MOU) with Bermuda Monetary Authority (BMA) recently to pave the way for greater regulatory, enforcement and supervisory cooperation between the two regulators. 

The Director General Labuan FSA, Nik Mohamed Din Nik Musa  said, the MOU was signed virtually by him  and BMA Chief Executive Officer, Craig Swan recently.

“Taking cognizant of the growing globalisation of insurance markets and digital asset business, the two authorities are committed to strengthening co-operation and exchange of information in areas related to business of insurance and digital asset business.

“The MOU, which covers the exchange, handling, protection and return of information in possession, as well as provision of investigative assistance to enable both Authorities to effectively execute their respective mandates and function”, he said.. 

Nik Mohamed  said,  the  collaborative arrangement  would be an important initiative to achieve greater cooperation and synergy between  two authorities

“I trust that the signing of this MoU between the two parties marks a greater close co-operation and future joint initiatives between the parties will reinforce our mutual commitment to ensure financial stability and promote sound economic growth in both jurisdictions” he added.