Scottish Limited Partnerships must now reveal ‘ultimate beneficial owner’

About 30,000 tax haven firms will be forced to reveal the identities of their owners following a campaign by The Herald.

Emergency legislation has been passed to ensure Scottish Limited Partnerships (SLPs) comply with EU anti-laundering rules, due to come into force this week.

Under the new legislation, SLPs, like other business vehicles, will have to file an “ultimate beneficial owner” report.

SLPs have played a part in criminal activity including corrupt arms exports to the Middle East.

Roger Mullin, a lead campaigner on SLP reform, and former MP (pictured), said: “At last, following a government review to which I put in lots of evidence, referencing The Herald’s work, we have the first practical recognition SLPs have been a significant problem, and some action is now being taken.”

The legislative changes will mean SLPs’ true owners must be brought to light or the companies will incur fines of £500 a day by Companies House.

Transparency International, an anti-corruption watchdog, published a report on SLPs describing them as the UK’s “home-grown secrecy vehicle”.

Duncan Hames, director of Transparency International, said: “We have campaigned on this as part of our broader efforts to end the UK’s role as a safe haven for corrupt individuals from around the world.”