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Hypocrisy? UK allows certain companies to not disclose beneficial owners

- ‘loophole’ was exploited by Russian oligarchs
While trying to force Overseas Territories in the Caribbean to impose Public Register of Beneficial Ownership, which could potentially cripple financial services, the United Kingdom (UK) has been allowing certain companies registered in its jurisdiction to not disclose its beneficial owners. Photo: airlines-airports.com
Arkady Rotenberg, left, and Vladimir V. Putin. Arkady and Boris Rotenberg - judo partners of the Russian president - used a type of company that was not required to identify its real owners. Photo: Getty Images
Arkady Rotenberg, left, and Vladimir V. Putin. Arkady and Boris Rotenberg - judo partners of the Russian president - used a type of company that was not required to identify its real owners. Photo: Getty Images
LONDON, United Kingdom (UK)- While trying to force Overseas Territories in the Caribbean to impose Public Registers of Beneficial Ownership, which could potentially cripple financial services, the United Kingdom (UK) has been allowing certain companies registered in its jurisdiction to not disclose its beneficial owners.

In 2016 and 2017, the UK government introduced measures that forced almost all UK companies to identify their real owners; however, English Limited Partnerships (ELPs) companies were not covered by these new transparency laws.

Since then, more than 4,500 of them have been set up.

Fraud, terrorism & money laundering

According to the BBC, sanctioned Russian oligarchs from Vladimir V. Putin's inner circle exploited the UK secrecy loophole left open by the government.

It said Arkady and Boris Rotenberg - judo partners of the Russian president - used a type of company that was not required to identify its real owners.

Ministers have acknowledged concerns that these companies, known as English Limited Partnerships (ELPs), have also been abused by criminals,” the BBC wrote in an article headlined ‘Banned Russian oligarchs exploited UK secrecy loophole’.

A joint investigation by the BBC and Finance Uncovered has reportedly discovered evidence linking a number of ELPs to fraud, terrorism and money laundering.

The Virgin Islands and other Overseas Territories have said they have no issues with introducing a Public Register of Beneficial Ownership once it is a global standard.

12 Responses to “Hypocrisy? UK allows certain companies to not disclose beneficial owners”

  • A (10/08/2022, 17:08) Like (6) Dislike (3) Reply
    Let's do the UK ting again. The news have been quite boring lately. By the way what happened to the Morning Braff Show?
  • please (10/08/2022, 18:18) Like (13) Dislike (10) Reply
    R U OBSESSED WITH THE THEM , THEN U CAN WORSHIP THEM / FORCUS ON OUR NEWS CARIBBEAN NEWS , IF THE UK SNEEZE YOU GOT TO CATCH IT ❓ ????
  • Simple as ABC.. (10/08/2022, 19:56) Like (3) Dislike (1) Reply
    Follow the rules or resign...Time to put country first...Let's the country go forward..
  • Cindy (10/08/2022, 22:30) Like (8) Dislike (7) Reply
    This Uk governor and his police commissioner have no moral authority to question anyone in the bvi
  • Pretender (11/08/2022, 07:45) Like (9) Dislike (1) Reply
    U start using other people's name again to create friction and controversy ( I don't think Cindy would say something so dumb and stupid are loosing it ,or on medication ???? again ❓
  • hmmm (11/08/2022, 08:57) Like (3) Dislike (6) Reply
    Surprise surprise and some still refuse to see the double standards.
  • Citizen (11/08/2022, 09:07) Like (1) Dislike (4) Reply
    God don't like ugly. Look how their country burning with fire.
  • @ cindy (11/08/2022, 09:30) Like (3) Dislike (0) Reply
    You have? How long goverment workers cant get a raise, how many increment unpaid, our roads, schools, health care, swerage, poor treatment of caribbean brothers & sisters what did you do for the past 40 years? Crime unsolved good job commissioner
  • ??? (11/08/2022, 11:37) Like (0) Dislike (1) Reply
    Isn't that good news? That means they might allow you all to hide some of your companies too.
  • cnn (12/08/2022, 02:04) Like (0) Dislike (0) Reply
    Not only are they hypocrats they have a history of oppression


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