Ecco a voi la versione ufficiale :
Now
We have to disclose
St. Vincent has signed twenty one (21) TIEAs with the following countries
St. Vincent has signed the following ten (10) dual taxation agreements with the following countries:
This is the Tournier rule :
The Tournier vs National Provincial and the Union Bank of England ( 1924 ) was a landmark case in the United Kingdom where the law set out four circumstances where banking companies are not required to adhere to client confidentiality rules. Please see the four instances below:
1. By Law- Where the bank is compelled by law to provide information on the client to a third party.
2. Public duty- Where it is in the public’s best interests for the bank to disclose the information.
3. Interests of the bank- Where it is in the bank’s own and best interests to disclose the information to a third party.
4. Client Consent- Where the client had consented, even implicitly , to disclosure to a third party ( i.e. a reference letter , for example ).
We do not have to disclose:
The future
What will the FSA disclose now ?
This means that a member of the public, a journalist , a lawyer ( without a Court order ) etc. would never be told ownership and / or director information, but COULD be told that the IBC was registered on such and such a date, with registration number 123 etc.
However under SVG laws it is very clear that the RA is not compelled to provide any information and in fact **** would be in breach of SVG data protection laws if , with no Court order present, they did unilaterally reveal such information. No matter what justification the inquirer gives or thinks he has, in the absence of a Court order **** would be fully within its rights to refuse to disclose anything that the FSA had not already disclosed.
It is not possible for any inquirer to search our records in a similar way.
Access to the file at the FSA clearly depends on a Court order being issued as a result of the Court being persuaded of the validity of the application and issuing the order, none of which is certain. The UBO / Directors giving permission for an inquirer to search their file at the FSA seems to be quite unlikely , but in theory it could happen.
What will the FSA disclose in future?
Now
We have to disclose
- Disclosure to the SVG government if compelled by law or voluntarily, the bank relying on the Tournier Rule ( Tournier vs National Provincial and the Union Bank of England [1924] 1 KB 461 )
- Disclosure , in response to questions received , as required under FATCA ( on the accounts of USA taxpayers, as defined by FATCA, only however all new clients have to sign a one – off disclosure later as part of onboarding )
- Disclosure to the SVG court, due to a production order being received ( the court does not grant such orders lightly and has to be convinced that the applicant for the order [1] can pay their legal bills in the state and , [2] is not “fishing” for names etc. but has a proven and valid case )
- Disclosure, if required by the SVG authorities and at their request, under Tax Informational Exchange Agreements . TIEAs have signed with certain countries only :
St. Vincent has signed twenty one (21) TIEAs with the following countries
- Aruba
- Australia
- Austria
- Belgium
- Canada
- Curacao
- Denmark
- Faroe Islands
- Finland
- France
- Germany
- Greenland
- Iceland
- Ireland
- Lichtenstein
- Netherlands
- New Zealand
- Norway
- St. Marten
- Sweden
- United Kingdom
St. Vincent has signed the following ten (10) dual taxation agreements with the following countries:
- Antigua and Barbuda
- Barbados
- Belize
- Dominica
- Grenada
- Guyana
- Jamaica
- St. Kitts
- St. Lucia
- Trinidad and Tobago
This is the Tournier rule :
The Tournier vs National Provincial and the Union Bank of England ( 1924 ) was a landmark case in the United Kingdom where the law set out four circumstances where banking companies are not required to adhere to client confidentiality rules. Please see the four instances below:
1. By Law- Where the bank is compelled by law to provide information on the client to a third party.
2. Public duty- Where it is in the public’s best interests for the bank to disclose the information.
3. Interests of the bank- Where it is in the bank’s own and best interests to disclose the information to a third party.
4. Client Consent- Where the client had consented, even implicitly , to disclosure to a third party ( i.e. a reference letter , for example ).
We do not have to disclose:
- Anything to foreign law enforcement, governments etc. if they contact us direct ( they will be told to route the request via official channels to the SVG government ) under FATCA or TIEAs
- Anything to foreign or local private persons, lawyers, etc. if they contact us direct ( they will be told to route the request via their governments own official channels to the SVG government or go to the SVG court for a production order)
- Anything to the East Caribbean Central Bank or those claiming to work for them ( they are not our regulator and have no jurisdiction in SVG, only the FSA does )
The future
- All the above applies plus :
- From 2018 we will be compelled to automatically report once per year under CRS ( Common Reporting Standard ) to the Inland Revenue of the SVG Government only ( any request or contact not from the IRD can be – as with FATCA – lawfully declined by us )
What will the FSA disclose now ?
- A member of the public could contact the FSA to inquire about an IBC ( or LLC or Trust ) but WITHOUT a court order or permission granted by the director and or beneficial owner through the registered agent, the FSA can only confirm to the inquirer that the company name is registered and can also disclose the registration number and date of registration. No other information, especially anything related to the identity or location of the UBO, Shareholders or Directors will be communicated, or information on Members and Managers ( for an LLC ) or Settlor and beneficiary ( for a Trust ) will be communicated.
This means that a member of the public, a journalist , a lawyer ( without a Court order ) etc. would never be told ownership and / or director information, but COULD be told that the IBC was registered on such and such a date, with registration number 123 etc.
- For information on the identity or location of UBO or Directors, Member and Managers ( for an LLC ) or Settlor and Beneficiary ( for a Trust ) the FSA will direct the enquirer to the registered agent. The FSA will provide the contact details of the registered agent, which in our case is LATC.
However under SVG laws it is very clear that the RA is not compelled to provide any information and in fact **** would be in breach of SVG data protection laws if , with no Court order present, they did unilaterally reveal such information. No matter what justification the inquirer gives or thinks he has, in the absence of a Court order **** would be fully within its rights to refuse to disclose anything that the FSA had not already disclosed.
- If an inquirer HAS been able to obtain a search order issued by the Court of SVG ( or has been given written permission by the RA, who in turn have obtained a signed written authority from the UBO or Directors , subject to the directors POA ) the enquirer can make an application to the FSA to search the FSA records for a fee. Once the application is approved and a fee of USD 50 is paid by the inquirer, the FSA will hand over the full file after removing all emails and any correspondence. The file , with only the relevant documents, can be read in their conference room and cannot be taken away for study. A strict check list of the documents is kept to ensure documents are not removed or copied.
It is not possible for any inquirer to search our records in a similar way.
Access to the file at the FSA clearly depends on a Court order being issued as a result of the Court being persuaded of the validity of the application and issuing the order, none of which is certain. The UBO / Directors giving permission for an inquirer to search their file at the FSA seems to be quite unlikely , but in theory it could happen.
What will the FSA disclose in future?
- The simple answer is we don’t know. Apart from CRS they have not announced any plans
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