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TI warns on SLP risks

Transparency International has welcomed the changes the Government has made to implement the MLD4 beneficial ownership requirements in respect of Scottish Limited Partnerships. It had previously expressed significant concerns that the unique features of SLPs enabled them to be used as shell companies and present a “respectable” UK front to illicit activity. Surveys by TI had found a sudden increase in the number of SLPs being set up as other options closed to would-be launderers, with nearly three quarters of those registered in 2016 being controlled by companies based in secrecy jurisdictions.

BEIS has issued guidance to support the new Regulations that impose the updated requirements.

Emma Radmore