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Abused by fraudsters: A timeline of Scottish Limited Partnerships
Scottish Limited Partnerships, or SLPs, are a business entity provided for in UK law dating back to the Limited Partnerships Act of 1907.
SLPs differ from limited partnerships elsewhere in the UK as they have "legal personality", which allows them to enter into contracts, and take on debts or own property. In a limited partnership in England and Wales or Northern Ireland, this is done by the partners.
For this reason, SLPs are attractive entities for companies engaged in illicit or secretive activities. Firms can establish a legitimate foothold in the UK while obscuring their operations through partners located in "secrecy jurisdictions".
They have been linked with money laundering, internet fraud, and one of the worst bank robberies in recent history.
Timeline
December 2014
The Great Moldovan Bank Robbery
It emerges that $1bn vanished from three of Moldova's leading banks. Much of the money passed through UK companies, according to a report by the private international investigation agency Kroll. Read more
June 2015
Flat in Edinburgh housing estate revealed to be home to hundreds of firms
The Sunday Herald reveals that 438 companies were registered to a modest flat in Pilton, a housing estate made famous by Irvine Welsh's 1993 novel, Trainspotting. Some were owned by offshore vehicles in "secrecy jurisdictions" such as Seychelles and some were accused of involvement in the Moldovan bank fraud. Read more
July 2016
SLPs are reported to be marketed to customers in Latvia, Ukraine and Russia
These "off-the-shelf" Scottish firms prompt fears that SLPs are being used for money-laundering and tax evasion in the former Soviet Union, according to The Herald's reporting. Read more
December 2017
Investigators say nearly $3bn was launded from banks in Moldova
Much of the "dirty cash" was funneled through anonymous Scottish and UK shell firms, according to US-based private detective agency, Kroll. Read more
April 2018
The UK Government accounces a crackdown on SLPs
The move comes after a review by the Department of Business, Energy and Industrial Strategy (BEIS) found that Scottish entities had been used to move $80bn from Russia in just four years. Read more
October 2021
Edinburgh firm linked to Ukranian mafia embezzlement
The Ferret revealed that two addresses in Edinburgh were listed as the official headquarters for thousands of businesses, including one linked to a Ukranian corruption case. Many were created by companies registered in offshore jurisdictions such as the British Virgin Islands or Seychelles. Read more
June 2022
Dozens of Scottish firms linked to UN sanctions target
The firms registered at an Edinburgh address involve a man linked to a gas tycoon blacklisted by the UK Government for aiding Russa's occupation of Ukraine, the Ferret found. Read more
March 2023
Only three SLPs formed by residents of Scotland
An analysis by The Ferret of all 631 SLPs created during 2022 showed that only three were registered by Scotland residents. Most were registered to companies based in the UK, but nearly two hundred were registered to "secrecy jurisdictions" like Switzerland, the United States, Seychelles, and the United Arab Emirates. Read more
October 2023
UK regulation intented to curb abuse of limited partnerships becomes law
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) aims to deliver reforms on tackling economic crime and improving transparency over corporate entities.
March 2024
Scottish firms continue to be linked with fraud and accusations of tax evasion and collusion with Russia
The Ferret reports on one SLP registered in Granton, Edinburgh used by the self-styled "King of Fraud" to hoard much of the ill-gotten gains of an internet fraud scheme. Another SLP in Glasgow is linked to a pro-Russian Ukrainian oligarch wanted for tax evasion. Read more
The Ferret is an independent, investigative journalism cooperative dedicated to holding power to account. Since 2015, we have reported on corruption, environmental...
View all episodes
Scottish Limited Partnerships, or SLPs, are a business entity provided for in UK law dating back to the Limited Partnerships Act of 1907.
SLPs differ from limited partnerships elsewhere in the UK as they have "legal personality", which allows them to enter into contracts, and take on debts or own property. In a limited partnership in England and Wales or Northern Ireland, this is done by the partners.
For this reason, SLPs are attractive entities for companies engaged in illicit or secretive activities. Firms can establish a legitimate foothold in the UK while obscuring their operations through partners located in "secrecy jurisdictions".
They have been linked with money laundering, internet fraud, and one of the worst bank robberies in recent history.
Timeline
December 2014
The Great Moldovan Bank Robbery
It emerges that $1bn vanished from three of Moldova's leading banks. Much of the money passed through UK companies, according to a report by the private international investigation agency Kroll. Read more
June 2015
Flat in Edinburgh housing estate revealed to be home to hundreds of firms
The Sunday Herald reveals that 438 companies were registered to a modest flat in Pilton, a housing estate made famous by Irvine Welsh's 1993 novel, Trainspotting. Some were owned by offshore vehicles in "secrecy jurisdictions" such as Seychelles and some were accused of involvement in the Moldovan bank fraud. Read more
July 2016
SLPs are reported to be marketed to customers in Latvia, Ukraine and Russia
These "off-the-shelf" Scottish firms prompt fears that SLPs are being used for money-laundering and tax evasion in the former Soviet Union, according to The Herald's reporting. Read more
December 2017
Investigators say nearly $3bn was launded from banks in Moldova
Much of the "dirty cash" was funneled through anonymous Scottish and UK shell firms, according to US-based private detective agency, Kroll. Read more
April 2018
The UK Government accounces a crackdown on SLPs
The move comes after a review by the Department of Business, Energy and Industrial Strategy (BEIS) found that Scottish entities had been used to move $80bn from Russia in just four years. Read more
October 2021
Edinburgh firm linked to Ukranian mafia embezzlement
The Ferret revealed that two addresses in Edinburgh were listed as the official headquarters for thousands of businesses, including one linked to a Ukranian corruption case. Many were created by companies registered in offshore jurisdictions such as the British Virgin Islands or Seychelles. Read more
June 2022
Dozens of Scottish firms linked to UN sanctions target
The firms registered at an Edinburgh address involve a man linked to a gas tycoon blacklisted by the UK Government for aiding Russa's occupation of Ukraine, the Ferret found. Read more
March 2023
Only three SLPs formed by residents of Scotland
An analysis by The Ferret of all 631 SLPs created during 2022 showed that only three were registered by Scotland residents. Most were registered to companies based in the UK, but nearly two hundred were registered to "secrecy jurisdictions" like Switzerland, the United States, Seychelles, and the United Arab Emirates. Read more
October 2023
UK regulation intented to curb abuse of limited partnerships becomes law
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) aims to deliver reforms on tackling economic crime and improving transparency over corporate entities.
March 2024
Scottish firms continue to be linked with fraud and accusations of tax evasion and collusion with Russia
The Ferret reports on one SLP registered in Granton, Edinburgh used by the self-styled "King of Fraud" to hoard much of the ill-gotten gains of an internet fraud scheme. Another SLP in Glasgow is linked to a pro-Russian Ukrainian oligarch wanted for tax evasion. Read more
The Ferret is an independent, investigative journalism cooperative dedicated to holding power to account. Since 2015, we have reported on corruption, environmental...