Tuesday, September 27, 2016

IMF targets Scottish tax haven firms behind child abuse websites

The International Monetary Fund has warned of the risk posed by Scotland's controversial 'limited partnerships' to the fight against global money-laundering and organised crime.

The IMF singled out the Scottish firms - which are widely used as tax avoidance and secrecy vehicles by Eastern European organised crime gangs - as it flagged up wider reforms it wants to see in the UK.

The Sunday Herald has exposed how Scottish limited partnerships or SLPs have acted as fronts for websites peddling child abuse images, and revealed that they have been part of major corruption cases in Ukraine, Uzbekistan and Latvia, including in the arms industry.

IMF officials said SLPs - which can be used to open bank accounts for anonymous owners - should be subject to anti money-laundering measures, such as rules which force other UK companies to name their ultimate owners.

The IMF remarks, in a new report on Britain's progress against money-laundering and terrorism financing, echoes concerns raised by Britain's own Home Office.  (more...)

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