BANNED RUSSIAN OLIGARCHS EXPLOITED UK SECRECY LOOPHOLE USING LIMITED PARTNERSHIPS

On 3 August, the BBC reported that Ministers have acknowledged concerns about companies known as English Limited Partnerships (ELP), which have also been abused by criminals.  Such a type of company is not required to identify its real owners.  In 2016 and 2017, the UK Government introduced measures that forced almost all UK companies to identify their real owners, but ELP were not covered by these new transparency laws and, since then, more than 4,500 of them have been set up.

The ELP situation is contrasted with that for Scottish LP.  After these were repeatedly linked to major international money laundering scandals, the UK Government changed the law so they had to provide information about those who ultimately owned or controlled them.

https://www.bbc.com/news/uk-62410715

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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