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OCCRP: UK Plans to Scuttle Loophole Used for Money Laundering

By OCCRP.

Published May 2, 2018 at 3:20 pm

A view of 78 Montgomery street, Edinburgh on January 18, 2018 which was home to hundreds of Scottish Limited Partnerships (SLPs). They started a century ago as a straightforward business agreement for Scottish tenant farmers -- and grew into one of the world's most secretive money laundering vehicles which brought a nation to its knees.

Photo by AFP

The United Kingdom announced that it plans to close a 100-year loophole to stop the flow of dirty money through the country, British media reported on April 28.

Introduced in 1907 to assist Scottish farmers, the Scottish Limited Partnerships (SLPs) are now an alleged tool for money laundering by foreign investors.