international trust amendments act 2002

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SAINT VINCENT AND THE GRENADINES

ACT NO. 2002

BILL FOR

AN ACT to amend the International Trusts Act, 1996.

BE IT ENACTED by the Queens Most Excellent Majesty by and withthe advice and consent of the House of Assembly of Saint Vincent and theGrenadines and by the Authority of the same as follows:

Short title 1. This Act may be cited as the International Trusts

(Amendment) Act, 2002.

Insertion of

new sections

55A and 55B in

No. 20 of 1996

2. The International Trusts Act, in this Act referred to as the

principal Act is amended by inserting immediately after section 55 thefollowing new sections:

Power of the 55A (1) The Registrar ofRegistrar of Trusts Trusts may by notice

to in writing served on theobtain Registered Trustee of the trust

information and

reports (a) require theRegistered Trustee

to provide theAuthority; or any

person acting onbehalf of theAuthority, at a time

as may be specified,any information

which the Registrarof Trusts may

reasonably require ffor ensuring that the Trust

complies

with theprovisions of

this

Act and any code ofpractice;

27 OF

MONICA DACON

Governor- General's Deputy

27th May, 2002

[27th May, 2002]

I ASSENT


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(b) require the

Registered Trusteeto provide theRegistrar of Trusts

with a report

prepared by theauditor or accountantof the Trust or anyother person with the

relevant professionalskill, on a matter

which the Registrarof Trusts mayrequire under part (a)

and the report mustbe prepared on a

form as specified bythe notice.

Power to 55B (1) The Reg. of Trustsrequire may by notice in writing served on

production of the Registered Trustee of the Trust;documents require the Registered Trustee

(a) to produce within atime and place as

may be specified in

the notice, anydocument of a

description as maybe so specified;

(b) to provide to anofficer, servant or

agent of theAuthority any

information, or toproduce to him any

documents as hemay specify

which the Registrarof Trusts mayreasonably require

for ensuring thatthe Trust is


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complying with the provisions

of this Act and any code ofpractice.

Amendment of

section 60

3. Subsection 2 of section 60 of the principal Act is amended

as follows:

(a) in part (e) by deleting the full stop where itappears after the word hereunder and

inserting thereafter the word or; and

(b) by inserting after part (e) the following aspart (f)(f) if the Trust has failed to comply

with any obligation imposed on itby or under this Act.

Amendment of

section 634. Section 63 of the principal Act is amended as follows:

(a) in subsection (1) (b) (i) by deleting thecomma after the word settlor and

substituting thereafter the following:

and the name of the beneficiary or

the beneficiaries and the names ofthe trustee or trustees and where

applicable the name of the

protector.

(b) in subsection (2) by deleting

(i) the words and shall be protectedby the Confidential RelationshipsPreservation Act where they

appear after the word public;

(ii) the comma after the word registerand substituting a full stop and by

deleting the words but no otherswhere they appear after the wordregister;

Amendment of

section 645. Section 64 of the principal Act is amended as follows:


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(a) in subsection (1) by deleting the words

and to the terms of the ConfidentialRelationships Preservation Act where theyappear immediately after the words

creating an international trust.

(b) in subsection (2) by deleting the following:

(i) shall be bound by the restrictions on

further disclosure of suchinformation set forth in the

Confidential RelationshipsPreservation Act, and ii.

Passed in the House of Assembly this day of 2002.

Clerk of the House of Assembly

13th May

NICHOLE HERBERT


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OBJECTS AND REASONS

This Bill seeks to amend the International Trusts Act in order to ensure that informationabout the beneficial owners and other relevant parties to a trust is known by an institutionwithin the jurisdiction in order to facilitate transparency and accountability. Theseamendments also bestow greater power on the regulatory Authority to demand crucial

information about a Trust. Such information can then be used to monitor and ensurecompliance with the laws and regulations and to safeguard the interests of the clients of

the Trust.

Dr. Hon. Ralph GonsalvesMinister of Finance, Planning,

Economic Development, Labour,Information, Grenadines and Legal

Affairs


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SAINT VINCENT AND THE GRENADINES

INTERNATIONAL TRUSTS (AMENDMENT) ACT, 2002

ARRANGEMENT OF SECTIONS

SECTION

1. Short title

2. Insertion of new sections 57A and 57B in No.20 of 1996

3. Amendment of section 60



55A and 55B in No. 20 of 1996

international trust amendments act 2002

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