MALAYSIA IN "WHITE LISTED" - TRANSPARENT

MALAYSIA “WHITE LISTED” BY THE ORGANISATION FOR
ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)
Kuala Lumpur, 22 February 2010 - The Organisation for Economic Cooperation
and Development (OECD) has last week listed Malaysia in the
“White List”. The White List refers to a list of jurisdictions deemed to have
substantially implemented OECD standards for transparency and exchange of
information between countries.

“Malaysia is committed to internationally agreed standards and practices
governing international financial services and transactions, especially in the
area of exchange of information. The white-listing is a testimony to this fact”,
said Dato’ Seri Ahmad Husni Hanadzlah, Minister of Finance II. He added that
in relation to the Labuan International Business and Financial Centre (LIBFC),
the white-listing, in tandem with the new eight acts of legislation that have
recently been passed by Parliament, sets a higher platform for Labuan Financial
Services Authority to position LIBFC as a major regional and global offshore
financial centre.

Since April 2009, Malaysia has signed enhanced Double Taxation Agreements
(DTAs) in regards to the sharing of information with twelve following countries –
Belgium, Brunei, France, Ireland, Japan, Kuwait, Netherlands, San Marino,
Senegal, Seychelles, Turkey and United Kingdom. Malaysia will continue to
enhance its DTAs with other countries so as to ensure it is always in line with
internationally agreed standards and practices on exchange of information
(EOI).

Ends.

Ministry of Finance Malaysia
22 February 2010