THE Government is preparing to launch a package of anti-corruption measures designed to address the abuse of Scottish Limited Partnerships (SLPs), which has been linked previously to money laundering.

SLPs were originally created in 1907 for farm holdings, but ministers have warned that their legal structure makes them attractive money laundering vehicles for international crime groups.

The Department for Business, Energy and Industrial Strategy (DBEIS) said new measures will bring greater transparency and more stringent checks to those registering a Limited Partnership.

New annual filing requirements will mean that Companies House has accurate information on all limited partnerships in the UK, the department said.

Key proposals include new rules to ensure that those registering Limited Partnerships must demonstrate that they are signed up with an official anti-money laundering supervised agent, such as an accountant or a lawyer, or an overseas equivalent.

The Limited Partnership must also provide evidence of an ongoing link to the UK – for example by keeping its principal place of business in the country.

Companies House will be given powers to strike off dissolved Limited Partnerships and Limited Partnerships which are not carrying on business.

Business Minister Kelly Tolhurst commented: “The UK has always had world-leading corporate standards making us a dependable place to invest and start and grow a business.

“We are committed to continually enhancing our business environment and as part of that we constantly keep under review our governance arrangements, making sure that people have confidence in our corporate standards.

“These proposals will increase transparency, by ensuring these arrangements can still be used legitimately to invest by pension funds and investors while also preventing abuse.”

The Tory minister added: “The UK is taking strong action in the international fight against money laundering and today’s set of proposals will increase best practice amongst businesses.”