News

The U.K. government announced proposals Monday to strengthen supervision of Scottish limited partnerships following reports that foreign criminals were exploiting the opaque legal entities to funnel illicit funds across borders. In a 44-page report, officials proposed closing loopholes that allow SLPs to be formed without undergoing anti-money laundering checks, to operate without maintaining a meaningful connection to Scotland, and to enter into contracts and own assets without filing annual accounts with Companies House. “Scottish limited partnerships are being abused to carry out all manner of crimes abroad—from foreign money laundering to arms dealing,” business minister Andrew Griffiths said in a...