Strategically located in East Asia between Hong Kong and Singapore, the Labuan International Business Centre (IBFC) was established in 1990 to attract international financial business as a well-regulated jurisdiction with a simple tax structure and modern legislation. Its legal system follows English Common Law and its financial services industry is regulated by the Labuan Financial Services Authority (Labuan FSA). Labuan is now a central hub for international banks and insurance companies which operate across Eastern Asia.