New rules to tackle money laundering

A PACKAGE of anti-corruption measures are set to be launched to address an abuse of Scottish Limited Partnerships (SLPs) that has been linked to money laundering.

SLPs were first created in 1907 for farm holdings, but ministers say their legal structure makes them attractive money-laundering vehicles for international crime groups.

The Department for Business, Energy and Industrial Strategy (DBEIS) has said that new measures will bring greater transparency and more stringent checks.

Key proposals include those registering Limited Partnerships must demonstrate they are registered with an official anti-money laundering supervised agent, and have an ongoing link to the UK.

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

Business Minister Kelly Tolhurst said: “The UK has always had world-leading corporate standards making us a dependable place to invest and start and grow a business.

“We are committed to continually enhancing our business environment and as part of that we constantly keep under review our governance arrangements, making sure that people have confidence in our corporate standards.

“These proposals will increase transparency, by ensuring these arrangements can still be used legitimately to invest by pension funds and investors while preventing abuse.”