Section 5Part 2 — Establishment, Functions and Powers of the Special Economic Zone AuthorityAmended
Functions of the Authority
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The functions of the Authority are to —
advise the Minister on all aspects of the establishment of special economic zones;
implement the policies and programmes of the Government with regard to special economic zones;
identify and map areas to be designated as special economic zones;
examine and process applications for the establishment of special economic zones and issue relevant approvals;
examine and process applications for trade certificates;
repealed by section 5 of the Special Economic Zones (Amendment) Law, 2016 [Law 5 of 2016];
maintain current data on the performance in each special economic zone;
enforce within a special economic zone compliance with customs procedures and other requirements for preventing the unauthorised use of a special economic zone;
enforce compliance with the financial services procedures and other requirements for preventing the unauthorised use of approved special economic zone activities;
suspend or revoke the trade certificate of a special economic zone enterprise which is in contravention of this Law, the Anti-Money Laundering Regulations (2023 Revision) or any other law in force in the Islands;
do all such other acts as may be incidental or conducive to the attainment of the objective of the Authority or the exercise of its functions under this Law;
with respect to the partners, directors of and any person who has a beneficial interest in, partnerships or companies in the Special Economic Zone, prescribe the manner in which due diligence —
requirements are to be satisfied; and
investigations are to be conducted; and
specify the procedure by which applications are to be submitted to the Authority for permission to conduct special economic zone business in the Special Economic Zone.
The Authority shall, consistent with the performance of its duties under this Law, consult with departments and agencies of the Government having duties, aims or objects related to those of the Authority.
The Authority shall, to the extent that information is required and requested in writing by a Supervisory Authority or competent authority for anti-money laundering, counter terrorist financing or counter-proliferation financing purposes, share the required information with the relevant Supervisory Authority or competent authority.
The Authority may —
of its own volition; or
upon request by a Supervisory Authority or competent authority, through its Secretariat, share or provide any information required for anti-money laundering, counter terrorist financing or counter-proliferation financing purposes in accordance with this section.
Where information is shared or provided in accordance with subsection (3), unless the recipient is bound by a statutory duty of confidentiality in relation to the information received, the recipient of such information shall —
only use the information for the purpose for which it was shared or provided;
only retain the information for as long as is necessary to carry out the purpose for which it was shared or provided;
not disclose the information, without the prior consent of the Authority, for any purpose other than the purpose for which it was shared or provided; and
provide confirmation in writing that the recipient shall not disclose the information, without the prior consent of the Authority, for any purpose other than the purpose for which it was shared or provided.