Anguilla

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Overall Phase 2 Rating is Partially Compliant

Table of Determinations and Ratings of the Phase 2 Review

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Partially Compliant.  The FSC inspection regime has effectively exposed a lack of compliance by service providers with their anti-money laundering obligations. However, no penalties have been imposed. This gives rise to concerns about the availability of relevant information.  Anguilla should ensure that it effectively enforces compliance by service providers with all their obligations under the anti-money laundering laws, including by levy of penalties. 
Anguilla has enacted new laws in connection with ownership information for LLCs, trusts and owners of bearer shares. Since the amendments are very recent they could not be tested in practice.  Anguilla should monitor the practical implementation of these new laws to ensure that it can exchange information in line with the international standard.  
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Partially Compliant.  During the review period, Anguilla’s laws did not require the keeping of reliable accounting records by relevant entities. Anguilla has recently enacted new laws to ensure the keeping of accounting information and underlying documentation by all relevant entities in line with the international standard. Since the amendments are very recent they have not been tested in practice.  Anguilla should monitor the practical implementation of the new laws to ensure that all relevant entities keep accounting records and underlying documentation and that all types of information are exchanged in line with the international standard.  
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Partially Compliant.  Anguilla has powers in place to obtain all types of information but has not effectively exercised these powers in practice to obtain accounting information.  Anguilla should exercise its powers effectively to obtain all types of information. 
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.     Anguilla should continue to develop its EOI network with all relevant partners. 
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  Anguilla has committed resources and has in place organisational processes for exchange of information that appear to be adequate for dealing with incoming EOI requests. Anguilla received only five EOI requests during the three-year period under review. Consequently, the organisational processes have not been sufficiently tested in practice.  Anguilla should monitor its EOI practices to ensure it can engage in effective EOI and provide information in a timely manner. 

Earlier self-assessment based annual reports entitled Tax Co-operation 2010: Towards a Level Playing Field are also available.