The recent introduction of four new laws in Labuan is expected to dramatically change the way the Island carries its financial services business and place it in an active position to develop further as an international business and financial centre.

Four new acts, along with amendments to four existing laws, launches the creation of Labuan foundations, limited liability partnerships, protected cell companies, shipping operations, Labuan special trusts and financial planning activities, a statement released on 17 February said.

The changes officially took effect on 11 February and include the renaming of Labuan Offshore Financial Services Authority into Labuan Financial Services Authority.

"These far-reaching changes cover all financial activities in Labuan IBFC - from banking, insurance, leasing and company incorporation right through to the creation of Islamic financial products and services. Apart from that, the changes have taken into consideration all aspects so that we are ahead of accepted international standards and practices," said Dato Azizan Adbul Rahman, the director-general of Labuan FSA.

The island of Labuan was designated as Malaysia's official offshore financial hub since 1990 and has earned the reputation as an effective and user friendly jurisdiction. The new provisions are expected to help the Island attract more investors and welcome new categories of clients.