Scottish Limited Partnerships
We already addressed Scottish Limited Partnerships (SLPs) at the end of 2017. This is a legal form under Scottish law where the actual owner can be shielded. Our article on the Azerbaijani Laundromat and the role of SLPs can be read here.
Bellingcat and Transparency International UK had then published an extensive report on this legal form and its criminal use, including being mechanisms for money laundering schemes. An in-depth study of the current state of affairs has now been carried out. The majority of the SLPs are registered in bulk in the name of a few companies or individuals, leading to the conclusion that the misuse continues unabated and will continue, unless the necessary AML measures, such as the obligation to register with a supervisory body, will be implemented. Incidentally, the number of new registrations of SLPs has dropped significantly since 2017, at the time when the UK introduced the registration of 'persons with significant control' for SLPs.