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Criminal Finances Act 2017

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This is the original version (as it was originally enacted).

Beneficial ownership

9Co-operation: beneficial ownership information

In Part 11 of the Proceeds of Crime Act 2002 (co-operation), after section 445 insert—

445ASharing 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.

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