Flawed Company Laws Help Money Launderers, MP Says

Law360, London (August 7, 2019, 2:39 PM BST) -- The British government must move to close loopholes in company registration laws that make life easier for money launderers, according to a lawmaker for the Scottish National Party.

Alison Thewliss, the SNP’s treasury spokesperson, said that Companies House — the U.K’s official register of corporate entities — does not have sufficient power to verify the legitimacy of businesses and their owners and is opening Britain up to corporate crime.

“The U.K. government must introduce a robust and transparent system of company registration. Failure to do so, or to continue only with piecemeal action, will likely continue to invite money-launderers,” Thewliss said...

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