BEIS is consulting on reforms to the laws governing Scottish Limited Partnerships to address the illegitimate uses to which some SLPs have been put. The Government has found evidence that SLPs have been exploited by money launderers, including one scheme that used over 100 SLPs to move up to $80bn. The proposals include introducing safeguards such as:
- requiring a real connection to the UK
- registering new SLPs through a company formation agent, so that AML checks will be made and
- new powers for Companies House to remove SLPs from the register if they are no longer operating or are dissolved.
The consultation closes on 23 July.