Act 9 2021 - Act 9 - International Trust (Amendment) Act, 2021
Trustees must disclose their trustee status when opening a business relationship or making an occasional transaction at or above the prescribed amount, and they must comply with the amended section 29A(1)(a) within 3 months of commencement.
[5th March 2021] Supplement to Official Gazette 371 INTERNATIONAL TRUSTS (AMENDMENT) ACT, 2021 (Act 9 of 2021) I assent Wavel Ramkalawan President 5th March, 2021 AN ACT to amend the International Trusts Act (Cap. 276). ENACTED by the President and the National Assembly. Short title 1. This Act may be cited as the International Trusts (Amendment) Act, 2021. 372 Supplement to Official Gazette [5th March 2021] Amendments to Cap. 276 2. The International Trusts Act (Cap.276) (hereinafter referred to as the principal Act) is amended as follows — (A) by repealing section 29A(1) (a) of the principal Act and substituting therefor the following — “(a) full name, address, nationality or place of incorporation of each — (i) trustee; (ii) beneficiary or class of beneficiaries; (iii) settlor; (iv) protector (if any); and (v) regulated agent and service provider of the trust including, but not limited to, investment advisors, investment managers, accountants or tax advisors of the trust;”; (B) the principal Act is amended, by inserting after section 33, the following section — Disclosure by trustees 33A.(1) The trustee of a trust shall disclose its status as a trustee to a financial institution or a designated non- financial business or profession when forming a business relationship or carrying out an occasional transaction in an amount equal to or above the amount prescribed under the Third Schedule to the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (Act 5 of 2020). [5th March 2021] Supplement to Official Gazette 373 (2) For the purposes of subsection (1), the terms “financial institution” and “designated non-financial business or profession” shall have the same meanings assigned to them in the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (Act 5 of 2020). (3) A trustee who or which contravenes the provisions of subsection (1) shall be liable to a penalty not exceeding USD 5000.”. 3. The provisions of section 29A(1)(a), as amended by this Act, shall be complied with by every trustee within 3 months from the date of commencement of this Act. I certify that this is a correct copy of the Bill which was passed by the National Assembly on 5th March, 2021. Mrs. Tania Isaac Clerk to the National Assembly