Confidentiality

(1) Any law relating to confidentiality shall not apply to the disclosure of information by a reporting financial institution to the competent authority that is required to be included in an information return filed under this Act or the regulations made under this Act and, accordingly, this section shall apply to information to which, but for this section, the said law would apply. (2) Every person having an official duty or being employed in the administration or enforcement of this Act or the regulations made under this Act or any person who formerly had a duty or was formerly so employed in the administration or enforcement of this Act or the regulations made under this Act shall treat information received from a reporting financial institution under this Act or those regulations as confidential and Mutual Administrative Assistance shall only disclose such information as may be necessary for the purpose of the administration or enforcement of the Convention, this Act or those regulations. (3) Every person having an official duty or being employed in the administration or enforcement of this Act or the regulations made under this Act or any person who formerly had a duty or was formerly so employed in the administration or enforcement of this Act or the regulations made under this Act shall treat information received from a competent authority in participating jurisdictions under this Act or those regulations as confidential and shall only disclose such information as may be necessary for the purpose of the administration or enforcement of the Convention, this Act or those regulations. (4) A person who discloses or divulges any information or produces any document relating to the information received from a reporting financial institution or competent authority of participating jurisdiction under this Act or the regulations made under this Act in contravention of this section commits an offence and is liable, on summary conviction, to a fine of ten thousand dollars or imprisonment for a term of six months, or to both.