Revised Laws of Saint Lucia (2021)

38.   Exchange of information

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   (1)   The Authority may enter into a memorandum of understanding with a regulatory authority or the Financial Intelligence Authority for the purpose of the exchange of information necessary to enable the regulatory authority or the Financial Intelligence Authority to exercise its regulatory functions.

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   (2)   A memorandum of understanding under subsection (1) shall—

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      (a)     set out the scope, procedure and other details for exchange of information;

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      (b)     provide for reciprocal treatment;

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      (c)     not provide for disclosure beyond that which is provided for under this Act; and

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      (d)     not relieve the Authority of any of the functions of the Authority or duties under this Act.

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   (3)   The Authority shall notify the Attorney General, in writing, immediately of the request for assistance received from a regulatory authority, with particulars of the request, and shall send the Attorney General copies of all documents relating to the request, and the Attorney General shall be entitled, as a friend of the court, to appear or take part in any proceedings in Saint Lucia, or in any appeal from such proceedings, arising directly from any such request.

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   (4)   Subject to subsection (5), the Authority, after having sent a copy of a request for information to the Attorney General in accordance with subsection (3), may disclose to a regulatory authority information necessary to enable that regulatory authority to exercise regulatory functions including the conduct of civil or administrative investigations and proceedings to enforce laws, regulations and rules administered by that regulatory authority.

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   (5)   The Authority may decline to exercise its power under subsection (4) unless the regulatory authority undertakes to make such contribution towards the costs of the exercise as the Authority considers appropriate.

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   (6)   Nothing in this section authorises a disclosure by the Authority unless—

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      (a)     the Authority is satisfied that the regulatory authority is subject to adequate legal restrictions on further disclosures which shall include the provision of an undertaking of confidentiality or the Authority has been given an undertaking by the regulatory authority not to disclose the information provided without the consent of the Authority;

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      (b)     the Authority is satisfied that the assistance requested by the regulatory authority is required for the purposes of the regulatory authority's regulatory functions including the conduct of civil or administrative investigations or proceedings to enforce laws administered by that regulatory authority; and

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      (c)     the Authority is satisfied that information provided following the exercise of its powers under subsection (1) will not be used in criminal proceedings against the person providing the information other than proceedings for an offence of perjury.