Labuan FSA inks new Memorandum of Understanding
Labuan FSA inks new Memorandum of Understanding | Insurance Business Asia
Insurance News
Labuan FSA inks new Memorandum of Understanding
The memorandum includes the sharing of information and provision of investigative support
Insurance News
By
Kenneth Araullo
The Labuan Financial Services Authority (Labuan FSA) recently entered a Memorandum of Understanding (MOU) with the Bermuda Monetary Authority (BMA) with the aim of enhancing regulatory, enforcement, and supervisory collaboration between these two regulatory bodies.
This MOU encompasses the sharing, secure handling, protection, and retrieval of information, along with the provision of investigative support, enabling both authorities to effectively fulfill their respective mandates and functions.
“This collaborative arrangement is an important initiative to achieve greater cooperation and synergy between Labuan FSA and the Bermuda Monetary Authority,” Labuan FSA director general Nik Mohamed Din Nik Musa said. “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.”
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