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UK to produce more transparency in LPs

Following several reports regarding the lack of transparency and need to produce a more robust control over Limited Partnerships (LLPs), the UK government has started new regulation targeting this regime.

LLPs will be requested to register and to demonstrate rationale for their existence.

The Company House will be granted powers to struck off inactive LLPs.

The consultations paper (published in April 2018 and then reviewed in December of the same year) showed the following.

Registration, connection to the UK, transparency and on-going communication, strike off powers, tax and other KYC and AML efforts.

Source

https://www.globalbankingandfinance.com/government-targets-limited-partnerships-in-money-laundering-clampdown/amp/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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