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:
- Short title.
This Act may be cited as the Common Reporting Standard (Automatic Exchange of Financial Account Information) Amendment Act, 2018.
- 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.
- 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;”.
- 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.
- 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.”.
…………………………………
- MICHAEL PERKINS
Speaker
Passed by the National Assembly this day of , 2018.
…………………………………….
SONIA BODDIE-THOMPSON
Deputy Clerk of the National Assembly
