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New laws will enhance Labuan’s reputation, says Equity Trust

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Four new acts gazetted in Labuan this month will provide a new dimension to the wealth management solutions offered in the territory, according to Equity Trust, a provider of trust and fiduciary services.

The new acts, passed by the Malaysian Government during 2009 and gazetted on 11 February 2010, provide for the setting up of new structures for wealth management: Labuan foundations, Labuan special trusts and Labuan private trust companies, as well as changes to Labuan Islamic financial services and securities.

Designed to reflect developments in the global financial services sector, the legislation follows a review by the Labuan International Business and Financial Centre.

“Labuan is one of the world’s fastest-growing and most cost-effective international finance centres, and here at Equity Trust we welcome the opportunities that the solutions outlined in these newly enacted laws bring to the region,” says Mun Yee Thang, head of private clients for Equity Trust’s Labuan office.

“Clients are increasingly aware of the options available in Labuan for private wealth management, tax planning, and structured financing and we anticipate a considerable surge in enquiries as a result of the forthcoming legislation.”

Equity Trust will be adding the new structures outlined in the acts to the suite of wealth management solutions it offers to clients and intermediaries.

Equity Trust has been represented in Labuan since 2003 and provides services in asset and estate planning, corporate management services, corporate and administrative services to investment funds, administration and trustee services for structured financing and international incorporations.

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