AUTHORITIES in Labuan are looking at ways to improve the international offshore financial centre's efficiency in what is being seen as a crucial phase in its development as a competitive jurisdiction.
One of the recent initiatives was to set up a steering committee, headed by Finance Ministry secretary-general Clifford Herbert.
Its goal is to look into the problems faced by banks and trust companies in Labuan, according to Ramli Othman, the Trade Commissioner for Investment in the Malaysian Commission.
'The aim of the Steering Committee for Labuan Development is to review the present laws and regulations to overcome some of the weaknesses,' Mr Ramli said.
Assurances to improve efficiency in Labuan have been given by Deputy Prime Minister Anwar Ibrahim, who is also Malaysia's Finance Minister.
Following a visit to Labuan, during which Mr Anwar talked to fund managers, bankers and representatives of other offshore entities, Mr Anwar pledged that 'any complaints on bureaucratic problems and red tape will be overcome with speed and efficiency', according to the Malaysian Industrial Development Authority (MIDA).
