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LABUAN: The Labuan Financial Services Authority (Labuan FSA) on Tuesday signed the Corruption-Free Pledge (Ikrar Bebas Rasuah - IBR) with the Malaysian Anti-Corruption Commission (MACC), reaffirming its commitment to instilling integrity, transparency and good governance within the organisation.

The signing marked an important milestone in Labuan FSA’s efforts of being the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan in combating fraud and corruption. The pledge, led by its Director-General Nik Mohamed Din Nik Musa, was signed together with all the senior management staff before Labuan MACC Deputy Director Augustine S. Manson.

Nik Mohamed Din said Labuan FSA had set the foundation for good governance and anti-corruption in its operations and the pledge Tuesday further reaffirmed its steadfast resolution in setting a clear leadership tone in adopting a culture, that is free from corrupt practices and abuse of power. “Labuan FSA continually assesses and enhances its governance framework, as well as implements the relevant measures and policies to ensure it has in place policies and procedures which promote good governance. “These include strong internal controls, enterprise risk management and effective decision-making structures and processes,” he said at the Corruption-Free Pledge ceremony held at Lazenda Hotel, here.

“Improvements have been made, including the adoption and implementation of the Organisational Anti-Corruption Plan for Labuan FSA that provides the strategies and direction for ensuring high standards of integrity and promotes ethical corporate governance in our business and activities. “This is key in preserving integrity and market confidence in Labuan FSA as a credible regulatory authority and in ensuring the solid reputation of the Labuan International Business and Financial Centre (IBFC) that has been diligently built over decades.

“We have zero tolerance for unethical behaviour leading to fraud including corruption, and we will continue to enforce high standards in our role and mandate as the regulatory and supervisory body of Labuan IBFC and will not protect wrongdoers.

“With the declaration of the Corruption-Free Pledge, Labuan FSA will give its fullest support and cooperation to the MACC in combating graft and corruption,” he said.

The Corruption-Free Pledge is an initiative introduced by the MACC, emphasising on the oath and pledge taken by an organisation’s leadership and employees, to promote good governance and enhancing transparency and accountability.