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3.   Dealings in gold and foreign currency

Revised Laws of Saint Lucia (2022)

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PART 1
GOLD AND FOREIGN CURRENCY

3.   Dealings in gold and foreign currency

  1.  

    (1)   Except with the permission of the Governor General, a person, other than an authorised dealer, shall not, in Saint Lucia buy or borrow any gold or foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.

  1.  

    (2)   Except with the permission of the Governor General, a person resident in the scheduled territories, other than an authorised dealer, shall not, in Saint Lucia, do any act which involves, is in association with or is preparatory to buying or borrowing any gold or foreign currency from, or selling or lending any gold or foreign currency to, any person outside Saint Lucia.

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    (3)   Where a person buys or borrows any gold or foreign currency in Saint Lucia or, being a person resident in the scheduled territories does any act which involves, is in association with or is preparatory to the buying or borrowing of gold or foreign currency outside Saint Lucia, he or she shall comply with such conditions as to the use to which it may be put or the period for which it may be retained as may be notified to him or her by the Director of Finance and Planning.

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    (4)   In this Act—

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      (a)     the expression “foreign currency” does not include any currency or notes issued by the Government or under the law of any part of the scheduled territories but, save as aforesaid, includes any currency other than sterling or West Indian dollars and any notes of a class which are or have at any time been legal tender in any territory outside Saint Lucia, and any reference to foreign currency, except so far as the context otherwise requires, includes a reference to any right to receive foreign currency in respect of any credit or balance at a bank; and

    1.  

      (b)     the expression “the scheduled territories” means the territories specified in Schedule 1, so, however, that the Governor General may at any time by order amend the said Schedule, either by the addition or exclusion of territories or otherwise, and the said expression shall be construed accordingly.

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