Duty to supply information to the Director General

(1) Where the Director General is satisfied in his own deliberate judgment that certain information regarding beneficial ownership is reasonably required to facilitate a criminal investigation, prosecution or proceeding, whether in Belize or abroad, he may under his hand require any IFS Practitioner to disclose to him (i) the beneficial ownership of any clients’ accounts kept by such Practitioner; (ii) the beneficial ownership of any international business companies for which such Practitioner is acting or has acted as a registered agent, including beneficial ownership in any bearer shares issued by any such company; or (iii) any other information relating to such investigation, prosecution or proceeding. (2) All IFS Practitioners shall promptly comply with a request from the Director General made pursuant to paragraph (1) above and shall supply the requisite information within a period of seven days. (3) No IFS Practitioner shall notify his clients or any other person that information has been requested by or forwarded to (4) The Director General shall treat all information received by him pursuant to this regulation with utmost care and confidence and shall disclose such information only to a law enforcement authority, banking, regulatory or supervisory authority and upon satisfying himself that such information is bona fide required by the intended recipient in connection with a criminal investigation, prosecution or proceeding, and provided further that information to overseas regulatory bodies shall only be given on the basis of reciprocity. (5) No suit for breach of confidentiality or other such action shall lie against an IFS Practitioner who discloses information, produces documents or renders other assistance in compliance with a request under this regulation. Keeping, Etc.