(1) Despite anything contained in the Exchange Control Act or regulations made under it—
(a) restrictions shall not be made on foreign exchange transactions including the sale of foreign currency, or the transfer of foreign exchange into, out of, or within a free zone by free zone businesses;
(b) Government charges or taxes shall not be made on the use of foreign currency within a free zone;
(c) each free zone business shall open an account in any currency with a duly registered bank of its choice which is located in the free zone.
(2) A free zone business shall furnish to the FZMA and the Eastern Caribbean Central Bank, a monthly report of transactions in its foreign currency accounts.
(3) Subject to section 10 banks and financial institutions which are licensed under the laws of Saint Lucia shall be allowed to operate within a free zone, but their transactions shall be limited to free zone businesses only.