Part 11Co-operation
445AF1Sharing of beneficial ownership information
1
The relevant Minister must prepare a report about the arrangements in place between—
a
the government of the United Kingdom, and
b
the government of each relevant territory,
for the sharing of beneficial ownership information.
2
The report must include an assessment of the effectiveness of those arrangements, having regard to such international standards as appear to the relevant Minister to be relevant.
3
The report—
a
must be prepared before 1 July 2019, and
b
must relate to the arrangements in place during the period of 18 months from 1 July 2017 to 31 December 2018.
4
The relevant Minister must—
a
publish the report, and
b
lay a copy of it before Parliament.
5
The reference in subsection (1) to arrangements in place for the sharing of beneficial ownership information between the government of the United Kingdom and the government of a relevant territory is to such arrangements as are set out in an exchange of notes—
a
for the provision of beneficial ownership information about a person incorporated in a part of the United Kingdom to a law enforcement authority of the relevant territory at the request of the authority, and
b
for the provision of beneficial ownership information about a person incorporated in a relevant territory to a law enforcement authority of the United Kingdom at the request of the authority.
6
In this section—
“beneficial ownership information” means information in relation to the beneficial ownership of persons incorporated in a part of the United Kingdom or (as the case may be) in a relevant territory;
“exchange of notes” means written documentation signed on behalf of the government of the United Kingdom and the government of a relevant territory setting out details of the agreement reached in respect of the arrangements for the matters mentioned in subsection (5)(a) and (b);
“relevant Minister” means the Secretary of State or the Minister for the Cabinet Office;
“relevant territory” means any of the Channel Islands, the Isle of Man or any British overseas territory.