Regulatory Alerts2020-08-19
Memorandum of Understanding Between FSC and ITA
The Financial Services Commission and the International Tax Authority have executed a Memorandum of Understanding to formalize their cooperation and information exchange regarding compliance, intelligence sharing, and mutual support. The agreement establishes standardized procedures for spontaneous and requested information sharing, designates specific points of contact, and mandates strict confidentiality while permitting onward disclosure with prior written consent. Applicable to persons regulated by the FSC or monitored by the ITA, the framework outlines cost-sharing arrangements, joint inspection support, and clear amendment or termination mechanisms without creating directly enforceable legal rights.
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