This is another example of a good jurisdiction gone bad. Until 2002, SVG called for strict privacy under the Confidential Relationship Preservation (International Finance) Act, 1996, but this was repealed and replaced by the Exchange of Information Act in 2002. This new Act calls for the exchange or disclosure of information between local regulators and foreign regulatory/government officials. Not good, quite bad actually since this will alow for wholesale fishing expeditions to see if there perhaps some sort of tax violation and all privacy is gone.
A Financial Intelligence Unit (FIU) was established in Saint Vincent and the Grenadines in May 2002, as called for in the terms of the Financial Intelligence Unit Act 2001. The FIU works readily with other national government agencies to ensure that SVG has an effective anti-money laundering system (think privacy invading and funds at risk of seizure during an investigation and of actually being forfeited if they see fit to do so). The FIU was allowed to join the Egmont Group of Financial Intelligence Units in July, 2003. The Group acts as a worldwide interface for Financial Intelligence Units; more than 80 countries are involved. This means goodbye privacy.
SVG does not have anonymous bearer share corporations.
We can think of no good reason to use SVG for anything when privacy is a concern.
For more information on offshore jurisdictions click here: http://www.panamalaw.org/