Interpretation of Part III

(1) In this Part, unless the context otherwise requires“account holder” has the meaning given by Section VIII E 1 of the Standard; “Agreement” or “MCAA” means the Multilateral Competent Authorities Agreement on the Automatic Exchange of Financial Account Information signed by the Government of Belize on 29th October 2015 in relation to agreements with the participating jurisdictions to improve international tax compliance based on the Standard as set out in Schedule II; “Belizean financial institution” means– (a) any financial institution that is resident in Belize, but excludes any branch of that financial institution that is located outside of Belize; and (b) any branch of a financial institution that is not resident in Belize, if that branch is located in “CRS” or “Standard” means the Common Reporting Standard as set out in Schedule 3, including the Commentaries thereon, approved by the Council of the Organisation for Economic Co- operation and Development on 15 July 2014, which contains reporting and due diligence procedures for the exchange of information on an automatic basis, as amended from time to time; Mutual Administrative Assistance “financial account” has the meaning given by Section VIII of the Standard; “financial institution” means a custodial institution, a depository institution, an investment entity or a specified insurance company as is described in the Standard; “information return” means a report, setting out certain information as specified by regulations made under this Act, which a reporting financial institution is required to file with the “non-reporting financial institution” has the meaning given by Section VIII B 1 of the Standard; “reportable account” means an account held by one or more reportable persons or by a passive nonfinancial entity with one or more controlling persons that is a reportable person, provided it has been identified as such pursuant to the due diligence procedures described in Sections II to VII of the Standard; and “reportable jurisdiction” means any jurisdiction other than Belize or the United States of America; and “reporting financial institution” means any Belizean financial institution that is not a non-reporting financial institution. (2) Any other word or expression which has a meaning given to it by the Standard shall, where it is used in this Act or regulations made under this Act and unless the contrary intention appears, have the same meaning in this Act or those regulations as it has in the Standard. Laws.