Commitment Letter Commitment Letter Attachment Effective Exchange of Information Transparency

B. Transparency

1. The Government of the British Virgin Islands undertakes to ensure that information on beneficial ownership of companies, partnerships and other legal entities established in the British Virgin Islands, including managers of collective investment funds, and trustees and beneficiaries of trusts, is available to its tax or regulatory authorities. This includes companies and other legal entities operating from the British Virgin Islands provided that the information is present within the territory, or in the possession or control of a person subject to the jurisdiction of the British Virgin Islands. The British Virgin Islands agrees that such information will be subject to exchange under the tax information exchange agreements referred to in paragraph A.1.

2. The Government of the British Virgin Islands further undertakes to require the keeping of accounts by companies, partnerships. trusts and other legal entities established in the British Virgin Islands or having a place of business in the territory. Subject to exceptions to be developed by the Government of the British Virgin Islands together with the OECD and other committed jurisdictions, filing and/or auditing requirements will also be introduced for these entities. In this regard, the Government of the British Virgin Islands understands that it will be invited to participate in the joint ad hoc group on accounts consisting of OECD Member countries and committed jurisdictions to address issues raised by the accounts and audit or filing requirements. The British Virgin Islands agrees that such information will be subject to exchange under the tax information exchange agreements referred to in paragraph A.1.

3. The Government of the British Virgin Islands will also ensure that its tax and regulatory authorities or such other authority as it may designate will have access to bank information relevant to tax matters. The British Virgin Islands agrees that such information will be subject to exchange under the tax information exchange agreements referred to in paragraph A.1.