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Scottish limited partnerships under fire

Chris Hamblin

3 May 2018

The National Crime Agency has identified a disproportionately high volume of suspected criminal activity involving Scottish limited partnerships, and there have been some rare examples of them featuring in international money laundering schemes that have made international headlines. The Government is therefore seeking views on a series of reforms to limit the risk of misuse and has published a consultative paper on the subject. It is also taking the opportunity to consider ways in which law governing limited partnerships could or should be brought more closely into line with that governing limited companies – which, unlike the legislation for limited partnerships, has been reviewed and amended regularly over time. Money laundering reporting officers whose firms service HNW customers with interests in these partnerships should take note.