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The Exchange of Tax Information Portal is an initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum conducts peer reviews of its member jurisdictions' ability to co-operate with other tax administrations in accordance with the internationally agreed standard. The standard provides for exchange of information on request where it is foreseeably relevant to the administration and enforcement of the domestic tax laws of the requesting jurisdiction. Effective exchange of information requires that jurisdictions ensure information is available, that it can be obtained by the tax authorities and that there are mechanisms in place allowing for the exchange of that information. The Global Forum's peer review process examines both the legal and regulatory aspects of exchange (Phase 1 reviews) and the exchange of information in practice (Phase 2). The EOI Portal will track the development of these peer reviews, including changes that jurisdictions make in response to the Global Forum's recommendations.

Peer Review: Peer Review Report Phase 1 Legal and Regulatory Framework - Anguilla

This report for Anguilla has been published on 12 Sep 2011. You can buy this report, or browse it online below.

Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.


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Determinations and Recommendations

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, but certain aspects of the legal implementation of the element need improvement.   Anguillan law only requires a service provider to obtain identity information on beneficiaries of a trust in cases of a higher level of risk for AML/CFT purposes.  Anguilla should amend its legislation to require a trustee to obtain identification information on the beneficiaries of a trust in all cases. 
Ownership and identity information for LLCs is not required upon registration and an LLC is not expressly required to maintain this information. Although there are some obligations for registered agents to maintain ownership information under the AML laws, this is not necessarily sufficient to ensure availability of ownership information in all cases.  Anguilla should ensure that ownership and identity information is available for all entities. 
Ownership and identity information may not be available in all instances in the case of a bearer share held by a foreign custodian.  Anguilla should ensure that ownership and identity information on bearer shares is available in all instances. 
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is not in place.   There are currently no consistent requirements on LLCs, partnerships, trusts and foundations to retain reliable accounting records.  Anguilla's accounting record requirements for LLCs, partnerships, trusts and foundations should be clarified to ensure that reliable accounting records are required to be maintained. 
There are currently no express requirements for any relevant entities to retain accounting records which include underlying documentation.  Anguilla should ensure that its laws require that accounting records which include underlying documentation are kept for all relevant entities and arrangements. 
Most entities, with the exception of foundations, are not required to retain accounting records for a minimum 5 year period aside from the limited records required to be retained pursuant to the AML laws.  Anguilla should ensure that its laws require that accounting records are kept for all relevant entities and arrangements for a minimum of 5 years. 
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
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, but certain aspects of the legal implementation of the element need improvement.   Anguilla's Confidential Relationships Act does not expressly provide an exception for information provided pursuant to its ICTIEA Act or its tax treaties.  Anguilla should ensure that the competent authority has the express power to access all information, including confidential 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.      
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.      
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. 
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.      
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.      
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.