Phase 2 Peer Review Report Summary: Saint Lucia

 

The Phase 2 review rates Saint Lucia as overall partially compliant with the international standard. Whilst there are legal obligations for most entities to maintain ownership information, the report notes that compliance with ownership obligations was not sufficiently monitored by the Saint Lucian authorities over the review period. There are insufficient accounting requirements for all entities and as a result, accounting information was unable to be provided in all cases where it was requested. Further, due to a domestic tax interest in its access powers over the review period, Saint Lucia was unable to access all requested information. However, Saint Lucia enacted the International Tax Cooperation Act in August 2012 which clarifies its powers to access information in all cases. Saint Lucia has a wide treaty network covering all relevant treaty partners and has recently put in place organizational processes and resources to ensure that exchange of information requests are responded in an adequate and timely manner. Saint Lucia should report steps taken to address the recommendations made in the Phase 2 report within six months. For further information on Saint Lucia’s exchange of information practices and to read the full report click here.

 

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