(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.