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Mar 26

Common Reporting Standard (Automatic Exchange of Financial Account Information) Amendment Bill 2018

No.      of 2018.                       Common Reporting Standard                                Saint Christopher

(Automatic Exchange of Financial                        and Nevis.

Account Information) Amendment

Bill, 2018.

 

 

 

SAINT CHRISTOPHER AND NEVIS

­­­­­­­­­­­­­­­

No.         of 2018

 

 

            A BILL to amend the Common Reporting Standard (Automatic Exchange of Financial Account Information) Act, No. 13 of 2016

 

BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis and by the authority of the same as follows:

 

  1. Short title.

 

This Act may be cited as the Common Reporting Standard (Automatic Exchange of Financial Account Information) Amendment Act, 2018.

 

  1. Interpretation.          

 

In this Act, unless the context otherwise requires, “Act” means the  Common Reporting Standard (Automatic Exchange of Financial Account Information) Act, No. 13 of 2016.

 

  1. Amendment of section 2.

 

      The Act is amended in section 2 by replacing the definition of

“information return” as follows:

 

 

“          “information return” means

 

 

(a)        a report, setting out certain information as specified by Regulations                                                 made under this Act, which a reporting financial institution is                                                          required to file with the Competent Authority; or

 

(b)        evidence of compliance with due diligence procedures or any                                                          information pertaining to those procedures required to                                                                      be submitted by reporting financial institutions to the                                                                            Competent Authority;”.

 

  1. Amendment of section 5.

 

Section 5 of the Act is amended by inserting a new subsection 5A as follows:

 

“          5A.      Compliance With Due Diligence Procedures.

 

A reporting institution shall comply with all due diligence                                                    procedures that are set out in the Standard or more particularly                                                        described or referred to in the Commentaries.

 

  1. Amendment of section 8.

 

Section 8 of the Act is amended by inserting immediately after subsection

(3) a new subsection (4) as follows:

 

 

“          (4)        Every reporting financial institution that fails to comply       with due diligence procedures is liable to a penalty not exceeding one      hundred thousand dollars and to a further penalty of 100.00 for each          month that the procedures are not complied with.”.

 

 

…………………………………

  1. MICHAEL PERKINS

                                                                                                            Speaker

 

 

 

Passed by the National Assembly this              day of                                           , 2018.

 

 

 

 

      …………………………………….

            SONIA BODDIE-THOMPSON

                                                                                    Deputy Clerk of the National Assembly

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