Abused by fraudsters: A timeline of Scottish Limited Partnerships

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