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.