Money laundering: UK publishes measures to address abuse of Scottish Limited Partnerships
11 Dec 2018

The United Kingdom has announced new measures it says will boost transparency and tackle the misuse of Scottish limited partnerships (SLPs), following a consultation on reforming limited partnership law and a number of high-profile money laundering scandals.

Under the proposals, individuals registering limited partnerships (LPs) must demonstrate that they are registered with an official anti-money laundering supervised agent, such as an accountant or a lawyer, or an overseas equivalent.

In addition, the LP must demonstrate an ongoing link to the UK, for example by keeping its principal place of business in the UK.

All LPs will have to submit a confirmation statement annually to Companies House, a measure aimed at ‘ensuring that their information is accurate.’

Companies House will also be given powers to strike off dissolved LPs, or those which are not carrying on business.

UK Government Minister Lord Duncan said: “The UK government continues to take the abuse of Scottish Limited Partnerships very seriously and will do everything necessary to crack down on crime lords exploiting them to launder dirty money.”

Advance your CPD minutes for reading this article, by signing up and using the CPD Wallet

FREE CPD Wallet
No Responses to “Money laundering: UK publishes measures to address abuse of Scottish Limited Partnerships”

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.