Hypocrisy? UK allows certain companies to not disclose 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.
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