New UK legislation goes into effect Monday regulating Scottish Limited Partnerships (SLPs), a unique corporate structure that has been increasingly abused by money launderers. The laws will force about 30,000 SLPs to disclose their beneficial owners within the next 28 days, or face daily fines of up to £500 ($US 636). The UK government bypassed […]

The Scottish Government has become so alarmed about shell firms being used as fronts for everything from cyber-scams to the wholesale looting of banks – usually limited partnerships or SLPs advertised as “zero-tax offshore companies” across eastern Europe –that the Sunday Herald can reveal that last week Finance Secretary Derek Mackay wrote to his UK […]

More than four years since the offence of failure to prevent bribery was introduced through s7 of the Bribery Act 2010, the UK’s first s7 resolution has taken place in Scotland. Following a self-report in June 2015, the Crown Office has agreed a civil recovery order with Brand-Rex Ltd, a company that develops cabling solutions […]