Tuesday, 01 May 2018 15:03



SNP Treasury spokesperson, Alison Thewliss MP, has welcomed a step forward in the party’s campaign to tackle money laundering, after the UK government finally caved into cross party pressure, and accepted amendments to legislation to support a move to registers of beneficial ownership in the overseas territories.

However, the MP for Glasgow Central  government slammed Tory ministers for failing to go far enough on the issue, after the UK government inexplicably opposed a key SNP amendment to clamp down on the misuse of Scottish Limited Partnerships (SLPs) to funnel millions in dirty money.

The SNP amendment, which would have required partners registering an SLP to have a UK bank account, was rejected by tiny majority of 314 to 301 after thirteen Scottish Tory MPs sided with UK government inaction.

Commenting, Alison Thewliss MP said: 
“Today is a step forward in the SNP’s campaign to clamp down on money laundering - after the UK government finally caved into years of pressure on the need for public registers of beneficial ownership in the UK Overseas Territories. These have been used for years as a means of hiding the true ownership of land, property and money. 

“But Tory Ministers failed to take the tough action needed to stop millions of pounds in dirty money being funnelled through Scottish Limited Partnerships - inexplicably opposing a key SNP amendment that would have helped tackle this huge problem. They had an opportunity to tackle this today, and refused to do so.

“It is to their shame that the 13 Scottish Tory MPs wouldn’t vote with us on this - letting Scotland down by rubber-stamping UK government inaction and failure. Had they supported our amendment it would have made all the difference in a narrow vote.

“We know that the links between SLPs and criminality pose a threat to combatting organised crime. One SLP registered in Glasgow, a firm called Progate Solutions, was used last year to transfer £160 million out of Russia as part of a money laundering scheme known as “the Russian Laundromat”, which extracted £16 billion out of Russia between 2010 and 2014.

“Understanding the scope, scale and extent of the criminal links with SLPs is the only way in which we can move forward to a practical and effective solution.  Today could seen major progress in dealing with this abuse – but once again the Scottish Tories failed.’’

Read 228 times Last modified on Wednesday, 02 May 2018 05:09

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