The Labuan Financial Services Authority (Labuan FSA) has signed a memorandum of understanding (MoU) with Financial Supervisory Commission (FSC) of Taiwan for supervisory cooperation and mutual assistance in the fields of banking, insurance, securities and futures.
The MoU was signed between the deputy director-general of the Labuan FSA, Danial Mah Abdullah, and director general of international affairs for the FSC of Taiwan, Joe Lai.
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The agreement covers rules that set out principles about how supervisory information is to be exchanged, the purpose of such exchanges as well as the maintenance of confidentiality.
According to Labuan FSA, maintenance of confidentiality includes the cooperation of on-site examinations, training and staff development.
The MoU will allow the Labuan FSA and FSC to further boost their financial supervisory cooperation.
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