Interpretation

In this Order, unless the context otherwise requires“Agreement” means the Agreement Between the Government of Belize and the Government of Iceland Concerning the Exchange of Information Relating to Tax Matters. signed on the 15 September, 2010, as set out in the Schedule hereto; CAP. 272. “authorised” representative” of the Minister means the Financial Secretary or the Director General of the International Financial Services Commission, appointed pursuant to section 8 of the International Financial Services Commission Act; “competent” authority” means in the case of Belize, the Minister or the Financial Secretary; and in the case of Iceland, the Minister of Finance or the Ministers authorised representative; “days” means calendar days; CAP. 272. “IFS Practitioner” means any person or entity licensed by the International Financial Services Commission to carry on the business of 'international financial services as that term is defined in section 2 of the International Commission Act; CAP. 263. CAP.267. “financial institution” means a bank or financial institution as defined in the Banks and Financial Institution Act or the International Banking Act, and includes brokerage firms and insurance companies; “Minister” means the Minister of Finance; “reporting entity” shall have the meaning assigned to it in section 2 of the Money Laundering and Terrorism (Prevention) Act; Income and Business Tax 259 “supervisory authority” shall have the meaning assigned to it in section 2 of the Money Laundering and Terrorism (Prevention) Act. CAP.104.