PART 2Anti-money laundering
50Reports on progress towards register of beneficial owners of overseas entities
1
The Secretary of State must, after the end of each reporting period, publish a report explaining the progress that has been made during that period towards putting in place a register of beneficial owners of overseas entities.
2
For the purposes of this section, the following are reporting periods—
a
the period of 12 months beginning with the day on which this Act is passed;
b
the period of 12 months beginning with the day after the end of the period mentioned in paragraph (a);
c
the period of 12 months beginning with the day after the end of the period mentioned in paragraph (b).
3
The first and second reports under this section must include—
a
a statement setting out the steps that are to be taken in the next reporting period towards putting the register in place, and
b
an assessment of when the register will be put in place.
4
The third report under this section must include a statement setting out what further steps, if any, are to be taken towards putting the register in place.
5
Where a report is published under this section the Secretary of State must lay a copy of it before Parliament.
6
For the purposes of this section “a register of beneficial owners of overseas entities” means a public register—
a
which contains information about overseas entities and persons with significant control over them, and
b
which in the opinion of the Secretary of State will assist in the prevention of money laundering.