Kenneth Rijock

Kenneth Rijock

Sunday, July 17, 2016

SCOTTISH LIMITED PARTNERSHIP + PANAMANIAN BEARER SHARE COMPANY = MAJOR MONEY LAUNDERING TROUBLE FOR BANKS


Reports from a very pro-EU Scotland indicate that enterprising financial service professionals (read that as money launderers and their advisers) are creating a new "sandwich," to serve those dodgy clients whose governments, or EU bankers, will not allow them open accounts, using companies in known offshore jurisdictions, or tax havens.

The scheme is quite simple:

(1) Form a limited partnership in Scotland, generally referred to as an SLP.
(2) Form a Panamanian corporation ( bearer shares, remember) to act as a member, or partner of the SLP. Of course, the identity of the Beneficial Owner.
(3) Obtain a Certificate of Good Standing for the SLP.
(4) Take your corporate documents to your friendly EU banker, and open an account.

One can now establish account relationships anywhere in the European Union, such as the Baltic Republics, or Cyprus, for example. Of course any subsequent efforts by the bank, or law enforcement agencies, to ascertain the ownership of the account, will fail, as Panama does not require that shareholders names be registered.

Apparently, so long as no business is transacted inside Scotland, there is no requirement to file financial reports. Criminal enterprises have achieved total secrecy, regarding beneficial ownership, and a zero-tax rate as well.. Russians, or nationals from the republics of the former Soviet Union, have now access to a near-perfect arrangement for moving money.

Unless, or until, the UK reforms its limited partnership laws, this scheme will continue to afford organized crime the ability to shield ownership from public view, and evade taxes, while laundering the proceeds of their crimes.

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