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U.K. government further tightens AML net

Paul Hodgson | December 21, 2018

The U.K. government has introduced a package of measures to increase transparency and tackle corruption in limited partnerships (LPs), which have long been identified as vehicles for money laundering. The measures, based on responses to a consultation paper issued by the Department for Business, Energy & Industrial Strategy (BEIS), are designed to increase transparency for both Scottish Limited Partnerships (SLPs) and LPs by ensuring these arrangements can still be used legitimately by pension funds and other investors while preventing abuse. The four main proposals are:

  • those registering LPs must demonstrate they are registered with an official anti-money laundering (AML) supervised agent, such as an accountant or a lawyer, or an overseas equivalent
  • the LP must demonstrate an ongoing link to the United Kingdom, for example by keeping its principal place of business in the United Kingdom
  • all LPs must submit a confirmation statement at least every...
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