Disclosure of information

(1) All information regarding the business or affairs of a licensee, financial holding company, subsidiary of a licensee, 147 members of the financial group, or regarding a person dealing with a licensee, that is obtained by the Central Bank, by any officer, employee or other person acting under the direction of the Central Bank, including, without limitation, an examiner appointed pursuant to section 80 or section 82 and a Statutory Examiner appointed pursuant to section 86, as a result of the administration or enforcement of this Act or any other law of Belize and all information prepared from that information, is confidential and shall be treated accordingly. (2) Nothing in sub-section (1), in any other provision of this Act or in any other law of Belize, prevents the Central Bank, or a person authorized in writing by the Central Bank from disclosing any information– (a) to such officers of the Central Bank as it may designate; (ab) to the Deposit Insurance Corporation, which relates to its functions under the Deposit Insurance Act; (b) to any local or foreign regulatory agency or body, that regulates or supervises financial entities for purposes related to that regulation or supervision; (c) that is lawfully required or permitted by any law or court of competent jurisdiction in (d) to the auditors of a licensee appointed under section 75 of this Act; or (e) in the case of information on the affairs of a depositor or customer of a licensee, to such other person as a court of competent jurisdiction in Belize may order upon an application made pursuant to the provisions of the Evidence Act or other relevant law, if the Central Bank is satisfied that the information will be treated as confidential by the agency, body or person to whom it is disclosed. (3) Nothing in this section authorizes the Central Bank or any person acting under the direction of the Central Bank to disclose information about a particular depositor or creditor of a licensee, except where such disclosure is required by any written law or ordered by the Court. (4) The Central Bank may enter into a Memorandum of Understanding with the entity performing the functions of deposit insurer, the designated authority, or any local or foreign regulatory agency or body that regulates financial entities with respect to sharing information, but the absence of such Memorandum of Understanding shall not prevent the disclosure of information by the Central Bank to such regulatory authority. (5) In giving effect to sub-section (2), the Central Bank shall have regard to the international standards for the supervision of groups and their cross-border establishments referred to in Schedule II. Schedule II. (6) Any person who contravenes this section commits an offence and shall be liable on summary conviction to a fine not exceeding twenty-five thousand dollars or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment, and in addition shall be liable to disciplinary action or dismissal. (7) The restrictions contained in this section or any other provision of this Act on the disclosure of information shall not apply to a request for information pursuant to a Tax Information 149 Exchange Agreement of a Double Taxation Agreement entered into by Belize.