The relevant Minister must prepare a report about the arrangements in place between—
for the sharing of beneficial ownership information.
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.
The report—
The relevant Minister must—
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—
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.