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On 26 June 2017, changes were made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. For the first time, Scottish Limited Partnerships (SLPs) and General Scottish Partnerships (SPs), where all the partners are corporate bodies, will need to identify and report information on the people who ultimately own and control them. This is known as the register of people with significant control.
These regulations provide a four week period for partnerships to investigate their ownership. From 24 July 2017, SLPs and SPs must start filing the required information with Companies House. This must be done within 14 days and any subsequent changes must be notified within 14 days. Partnerships must also confirm their information every year.
The Statutory Instrument which relates to these changes is available here:
Guidance for partnerships is available here: https://www.gov.uk/government/publications/guidance-to-the-people-with-significant-control-requirements-for-companies-and-limited-liability-partnerships
For a summary of the all the changes, please see the attached press notice from Companies House: https://www.gov.uk/government/news/changes-to-uk-anti-money-laundering-measures
Page updated: Thursday, August 31, 2017