Latest news with #StrategicRoadmap
LBCI
13-05-2025
- Politics
- LBCI
Minister Kamal Shehadeh briefs President Aoun on State Technology Ministry's roadmap
Displaced and State for Technology and Artificial Intelligence Minister, Kamal Shehadeh, met with President Joseph Aoun to present the strategic roadmap of the newly formed Ministry of State for Technology. The meeting covered the projects the ministry is currently undertaking independently, as well as those implemented in collaboration with other government bodies. President Aoun emphasized the urgency of officially establishing the ministry to enable it to carry out its responsibilities and implement its planned initiatives. He stressed that all efforts must align with the highest international standards and outlined key priorities for the ministry's upcoming work.
New Straits Times
30-04-2025
- Business
- New Straits Times
Labuan FSA's outgoing chief reflects on challenges, reforms during tenure
KUALA LUMPUR: Today marked the end of Nik Mohamed Din Nik Musa's tenure as Labuan Financial Services Authority (Labuan FSA) director-general, leaving behind a legacy defined by resilience, regulatory transformation, and strategic recalibration during one of the most difficult chapters in Labuan's financial history. Appointed on May 1, 2021, Nik Mohamed Din assumed the leadership of Labuan FSA at the height of the COVID-19 pandemic, a time when global markets were in turmoil and international financial centres, like Labuan International Business and Financial Centre (IBFC), were grappling with severe business disruptions. Sharing his thoughts after the unveiling of the Labuan IBFC Market Report today to the media and industry players, he said the pandemic brought immediate operational and economic consequences. "Movement restrictions disrupted business activities and forced employees into remote work arrangements, while critical systems went offline, affecting the timely submission of regulatory data, compliance reports, and business operations. "Labuan IBFC saw a notable decline in trading and financial activities, and several trading enterprises were delisted, thereby losing their eligibility for the centre's attractive three per cent tax incentive," he said. Nik Mohamed Din said that despite these setbacks, Labuan FSA acted swiftly and decisively, and through direct engagement and communication with affected stakeholders, the authority clarified compliance expectations and took steps to restore confidence. "The jurisdiction successfully reinstated numerous entities back into the qualifying list, preserving the integrity and competitiveness of Labuan's tax framework. Nik Mohamed Din remarked that the crisis, while challenging, also offered valuable lessons. He reflected that every crisis brings with it something worth learning, and that mindset paves the way for deeper institutional reflection. "It was during this period that the idea of a long-term strategic roadmap took shape, and with operations scaled down and more time to deliberate, Labuan FSA's leadership and staff developed a clearer vision for the future. He said this led to the creation of the Labuan IBFC Strategic Roadmap 2022-2026, which focuses on strengthening niche financial sectors, including captive insurance, Islamic finance, digital financial services, and environmental, social, and governance (ESG)-aligned investment structures. "The roadmap was a turning point for Labuan IBFC's forward positioning in an evolving global financial ecosystem," he said. Nik Mohamed Din said another major challenge under his leadership was the mutual evaluation by the Financial Action Task Force (FATF), the global watchdog for anti-money laundering and counter-terrorism financing standards. He said the FATF has the authority to downgrade jurisdictions that fail to meet its stringent Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) standards, an outcome that could significantly harm a country's international credibility and foreign direct investment inflows. "Recognising the gravity of this risk, Labuan FSA committed substantial resources and undertook multiple assessments to align the centre's regulatory standards with international expectations," he said. Nik Mohamed Din said that the team had "burned the midnight oil" to ensure that Labuan stayed on track and did not fall short of global benchmarks. He said that in response to the FATF's evaluation framework and in a bid to future-proof Labuan's regulatory infrastructure, the Labuan FSA introduced critical legislative reforms in December 2024. Four core business laws were amended, namely the Labuan Business Activity Tax (Amendment) (No. 2) Bill 2024, the Labuan Companies (Amendment) Bill 2024, the Labuan Trusts (Amendment) Bill 2024, and the Labuan Foundation Law (Amendment) Bill 2024. These amendments were designed to enhance tax administration, improve corporate transparency, and tighten governance mechanisms within Labuan's financial services ecosystem. "Through these reforms and strategic efforts, Labuan FSA not only restored momentum within Labuan IBFC but also repositioned the jurisdiction as a forward-thinking and fully compliant international financial centre," he said. Several industry players said Nik Mohamed Din's term was marked by a philosophy of adapting to adversity and transforming crises into opportunities. They said that as he retires today, the impact of his leadership is evident in the strengthened regulatory framework, enhanced international credibility, and a clearer long-term vision for Labuan IBFC.
Zawya
25-04-2025
- Politics
- Zawya
Sierra Leone's President Bio Rallies Africa's Push for United Nations (UN) Security Council Reform at C-10 Ambassadors Retreat in Freetown
President Dr. Julius Maada Bio has reaffirmed Africa's united demand for equitable representation on the United Nations Security Council, describing the continent's exclusion as 'a profound historical injustice.' He made the remarks during the opening ceremony of the Retreat of Permanent Representatives of C-10 Member States in Addis Ababa and New York. As Coordinator of the C-10, President Bio underscored the urgency of reform and Africa's growing influence in global peace and security governance. 'This Retreat is not merely administrative,' he told delegates. 'It is a moment of reflection, unity, and renewed commitment to a cause that is not only African, but truly global.' President Bio highlighted major diplomatic milestones over the past year, including Sierra Leone's presidency of the UN Security Council in August 2024—the first time the body debated Africa's under-representation. This was followed by the U.S. backing two permanent seats for Africa (without veto) and the Pact for the Future, which acknowledged Africa's marginalization. 'Recognition is welcome,' he said, 'but it must lead to tangible outcomes.' Delegates are expected to develop three core strategic documents: an AU Model for a Reformed Security Council, a Strategic Roadmap, and an Aide-Mémoire to guide global advocacy. These tools, President Bio said, would equip the C-10 for the next phase with 'greater coherence and persuasiveness.' He also outlined five key imperatives that should guide the delegates' deliberations and actions moving forward: internal unity, targeted diplomacy, clear messaging, unwavering demands based on the Ezulwini Consensus and Sirte Declaration, and sustained high-level engagement. Africa, he stressed, must be granted at least two permanent seats with full rights, including the veto if retained, and at least five non-permanent seats. 'A Council stuck in the paradigms of 1945 cannot address the crises of today,' he said, calling on ambassadors to amplify Africa's voice globally. President Bio proposed naming the Retreat's outputs the 'Freetown Roadmap', a technical and political guide for Africa's final push toward meaningful Security Council reform. He closed by reaffirming Sierra Leone's commitment to the cause and commending the work of the C-10, the African Union Commission, and all partners. 'This Retreat marks a defining chapter in our pursuit of a reformed, just, and inclusive UN Security Council,' he concluded. The Retreat is scheduled for the 25th – 26th April 2025. Distributed by APO Group on behalf of State House Sierra Leone.
