Transparency International report on use of Scottish partnerships in money laundering and corruption

Earlier this year, the UK government department responsible for Business, Enterprise and Industrial Strategy (BEIS) called for evidence on the use of Scottish partnerships (which, unlike English partnerships, have separate legal personality)  in criminal activities.  BEIS has not yet published its response but Transparency International has published its own report - at http://www.transparency.org.uk/publications/offshore-in-the-uk/#.WfnsaBO0NXE - and the government has already responded by requiring Scottish partnerships to disclose information about persons who may exert significant influence over the firm (Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694)).  Partnerships are already obliged to disclose the names of their partners.

It will be interesting to see what responses have been made to BEIS, and what view the government forms as to the need for further action.  Possibilities include requiring more information to be registered by limited partnerships, or by corporate partners, including greater disclosure of accounts (which are currently only disclosed where all partners are entities with limited liability).

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