The Labuan Financial Services Authority, on October 13, 2014, announced that it had signed a Memorandum of Understanding on cooperation with the Jersey Financial Services Commission last month, to foster improved collaboration on the regulation of the territories’ offshore financial services industries.

The Labuan FSA said: “The MoU with JFSC is significant to [the] Labuan International Business and Financial Center (IBFC) as Labuan FSA is placing a high priority to strengthen the regulation and supervision of cross-border financial activities in the Labuan IBFC. The initiative reflects each authority’s commitment to cooperate in relation to prudential oversight, investigation, and exchange of information to ensure efficient and effective supervision of financial institutions in the two jurisdictions.”

The MoU also extends cooperation between the two authorities in the areas of training and staff development, as well as research and development.