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There is a statutory requirement that must be complied with by Labuan entities in regard to accounting and other records keeping pursuant to the following provisions:

 

• Section 110(1) of the Labuan Companies Act 1990

 

• Section 30(4) of the Labuan Trusts Act 1996

 

• Section 59(1) of the Labuan Foundations Act 2010

 

• Section 70(1) of the Labuan Limited Partnerships and Limited Liability Partnerships 2010

 

• Section 175(1) of the Labuan Financial Services and Securities Act 2010

 

• Section 137(1) of the Labuan Islamic Financial Services and Securities Act 2010

 

The terms “accounting and other records” or “accounts or records”, whenever appearing in the provisions stated above, shall make reference to the following description of records:

 

Accounting records means documentation and books necessary in the preparation of financial statements or records that will sufficiently explain the transaction and financial position of the Labuan entity or arrangement. Accounting records include records, either physical or stored on electronic media  or in any form of assets  and liabilities, monetary transactions, ledgers,  journals, and any underlying documents explaining the transactions, including but not limited to cheques, negotiable instruments, payment orders, invoices, receipts, letters of offer, contracts and agreements, of which in combination shall adequately reflect a full and true record that sufficiently explains all transactions and other acts engaged in by the Labuan entity, which are necessary in the preparation of financial statements.

 

All Labuan entities shall maintain any such “accounting and other records” for a period of not less than six years from the date of an account transaction has been completed in line with Section 17 of Anti- Money Laundering and Anti-Terrorism Financing Act 2001.

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