“There is oil here — lots of it — in the Brunei Gulf, the sultanate considered to be one of the world’s richest states. Labuan is also a member of the despised family of tax havens that the OECD is trying to bridle. It all began in 2010, when the Malaysian government decided to attract capital from rich Muslim countries so that it could develop a sort of Islamic finance industry. But capital influx has given way to legal shelters and discretion. ‘We have made changes to our legislation and allow, since 2010, the creation of trusts and foundations specially designed for high-net-worth individuals,’ says Normala Mat Som, a 30-year-old lawyer.”
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