Revised Laws of Saint Lucia (2021)

PART 14
MISCELLANEOUS

52.   Records

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   (1)   The registered trustee of an international trust shall keep as confidential information —

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      (a)     a copy of the instrument creating the international trust and copies of any other instrument amending or supplementary to the instrument;

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      (b)     a file in which the following information is set out —

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         (i)     the name of the settlor,

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         (ii)     if it is a purpose international trust or charitable international trust, a summary of the purposes of the trust and the name of the protector of the international trust, (Amended by Act 15 of 2018)

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         (iii)     a certificate, in the prescribed form, compiled as at the 31^st day of December of every year, recording the amendments to the international trust with respect to the appointment of the beneficiaries or any class of beneficiaries, the property of the trust, protectors, trust fund or co-trustees, (Amended by Act 15 of 2018)

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         (iv)     information with respect to the beneficial ownership of an international trust. (Inserted by Act 15 of 2018)

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   (2)   For each international trust for which a registered trustee acts as trustee, he or she shall keep and maintain records for 6 years from the date on which —

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      (a)     a transaction is completed;

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      (b)     the registered trustee terminates the business relationship.

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   (3)   Records kept pursuant to subsection (1) must —

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      (a)     show and correctly explain a transaction;

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      (b)     enable the preparation of financial statements;

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      (c)     enable the financial position of the international trust to be determined, with reasonable accuracy, at any point in time.

(Substituted by Act 16 of 2016)

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   (3A)   Notwithstanding this section, the competent authority may inspect the instrument, file and documents referred to under subsection (1). (Inserted by Act 15 of 2018)

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   (4)   The underlying documents shall provide details of —

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      (a)     the sums of money received and expended and the matters in respect of which expenditure takes place;

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      (b)     the sales and purchases of goods by the international trust;

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      (c)     the assets and liabilities of the international trust.

(Amended by Act 16 of 2016)

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   (5)   An international trust shall within 21 days, submit the records to its registered trustee upon a request lawfully required under the provisions of any law in force in Saint Lucia, an agreement for tax purposes or an agreement for mutual legal assistance. (Substituted by Act 16 of 2016)

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   (5A)   An international trust which fails to submit the records under subsection (5) is liable to a fine of not less than US$1,000 for every month or part of a month that the records are not submitted. (Inserted by Act 16 of 2016)

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   (5B)   Where the international trust fails to submit the records under subsection (5) the registered trustee shall notify the person making the request under subsection (5) of the failure to submit the records within 7 days of such failure. (Inserted by Act 16 of 2016)

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   (6)   The instrument, file and any other document under subsection (1) shall not be available to the public.

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   (7)   The registered trustee of an international trust shall allow only the protector to inspect the instrument, file and other document under subsection (1). (Amended by Act 16 of 2016)

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   (8)   Where a registered trustee is unable to obtain a certificate under subsection (1)(b)(iii), he or she shall file a notice to that effect with the Registrar within 30 days of the 31^st day of December of the year in which the certificate is due.

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   (9)   Where a notice is received by the Registrar pursuant to subsection (8), the Registrar shall cancel the registration of the international trust effective from the 30^th day of June of the next year.

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   (10)   A registered trustee that contravenes subsections (2), (5) or (8) commits an offence and is liable on summary conviction to a fine of $10,000 and the Court may make an Order —(Amended by Act 16 of 2016)

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      (a)     that the registered trustee cease to act as trustee of the international trust; or

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      (b)     that the licence of the registered trustee to act as the registered trustee of the international trust be suspended.

(Substituted by Act 11 of 2015)