Money laundering: UK to announce new rules for limited partnerships after scandals
28 Nov 2018

The British government is set to announce new rules surrounding limited partnerships, which featured prominently in the Danske Bank €200 billion money laundering affair and other top financial crime scandals.

The plans were announced in April, as a consultation by the Department of Business, Energy and Industrial Strategy (BEIS), which also highlighted concerns about Scottish LPs.

Under the planned measures announced at the time, limited partnerships will have to maintain a UK link and be registered via an official agent.

Companies House will also strike off limited partnerships from the company register if they are dissolved or are no longer operating. It is understood that LPs will also have to update Companies House with some information annually.

The new legislation is set to be ready by next year.

A government source has confirmed that the new rules will be announced ‘very soon.’

Britain’s LPs were thrust into the spotlight last week when whistleblower and former Danske Bank worker Howard Wilkinson reportedly attacked the UK’s approach to money laundering, saying: “The role of the United Kingdom is an absolute disgrace. Limited liability partnerships and Scottish liability partnerships have been abused for absolutely years.”

The Financial Times reported the issue of the government’s plans, linking them to the recent Danske Bank money laundering scandal.

Britain’s LPs were thrust into the spotlight last week when whistleblower and former Danske Bank worker Howard Wilkinson attacked the UK’s approach to money laundering, reportedly saying: “The role of the United Kingdom is an absolute disgrace. Limited liability partnerships and Scottish liability partnerships have been abused for absolutely years.”

Read more:

UK launches crackdown on SLPs, $80 billion laundered through firms

Danske Bank investigation: Employees implicated in $234 billion money laundering scandal

UK role in money laundering scandal an ‘absolute disgrace,’ says whistleblower

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