Part 2: Anti-Money Laundering Section 50: Reports on progress towards register of beneficial owners of overseas entities
This section requires the Secretary of State to publish and lay before Parliament three reports on the progress that has been made to put in place a register of beneficial owners of overseas entities. Each report is due after the expiry of a 12 month reporting period. The first period began upon Royal Assent. The first and second report must set out the steps that will be taken in the next reporting period towards putting the register in place and an assessment as to when the register will be put in place. The third and final report must include a statement setting out what further steps, if any, are to be taken towards putting the register in place.