St. Vincent and the Grenadines Double Tax Treaties

St. Vincent and The Grenadines (SVG) does not participate in a network of Double Taxation Treaties and thus has no obligation to exchange tax information with any other government. SVG tax authorities habitually do not cooperate with other countries’ tax authorities.

St. Vincent and the Grenadines Other International Agreements

SVG benefits from duty free concessions on exports to the countries which are signatories to the following agreements:

    *
      Generalized System of Preferences;
    *
      The Caribbean Basin Initiative;
    *
      Cotonou Agreement;
    *
      Caribbean-Canada Free Trade Agreement;
    *
      Craibbean Single Market and Economy.

SVG has also signed agreements with the Republic of Venezuela, the Republic of Cuba, the Republic of Colombia and the Dominican Republic.

Until 2002, SVG maintained a strict confidentiality regime under the Confidential Relationship Preservation (International Finance) Act, 1996, but this was repealed and replaced by the Exchange of Information Act, 2002. This new Act allows for the exchange or disclosure of information between local regulators and foreign (statutory) regulatory authorities, although it contains an exemption for professional privilege.

In December, 2003, St Vincent and the Grenadines was one of a group of Caribbean countries which signed up to a new agreement on intellectual property development. Following the WIPO Ministerial Level Meeting on Intellectual Property for Caribbean Countries, which was organized in conjunction with the Ministry of Justice and Legal Affairs in Antigua and Barbuda, and held at St John's on November 28 and 29, it was revealed that Antigua and Barbuda, Barbados, Dominica, Guyana, Jamaica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, and the Republic of Trinidad and Tobago all signed the multilateral agreement.

According to WIPO: "The agreement establishes the terms of a project that is designed to support a more effective integration of the region into the global economy by fostering technological innovation, creativity and competitiveness through intensive and effective mobilization and use of intellectual property."

St. Vincent and the Grenadines Financial Intelligence Unit

A Financial Intelligence Unit (FIU) was established in Saint Vincent and the Grenadines in May 2002, in accordance with the terms of the Financial Intelligence Unit Act 2001.

The functions of the FIU include:

    *
      receipt and analysis of suspicious transaction reports that are required to be made under the Proceeds of Crime and Money Laundering (Prevention) Act, Act No. 39 of 2001;
    * collection of information from financial institutions and other relevant bodies for the purpose of investigating relevant offences;
    * investigation of relevant offences;
    * dissemination of information;
    * international cooperation in the exchange of financial information;
    * awareness raising and education of financial and business institutions on their obligations to detect, prevent and deter money laundering and associated offences.

The FIU works in close partnership with other national agencies to ensure that the country has a comprehensive anti-money laundering system that identifies and effectively addresses suspected illegal activity.

The FIU was accepted into membership of the Egmont Group of Financial Intelligence Units in July, 2003. The Group acts as a global focus for the work and development of Financial Intelligence Units; more than 80 countries have membership of the Group.