LONDON—Transparency International is warning that more than one in ten of all limited liability partnerships (LLPs) ever registered in Britain bear the “hallmarks of shell companies used for serious financial crimes.”
According to the Transparency International UK, the U.K. branch of the global anti-graft watchdog, approximately 14% of all LLPs formed between 2001 and 2021 have nearly identical features to those employed in significant corruption and money laundering operations. The findings were revealed in its latest research “Partners in Crime,” the Organized Crime And Corruption Reporting Project reported.
“The research is the first to reveal the extent of this sort of exploitation of companies. A conservative estimate puts the economic harm inflicted in the hundreds of billions of pounds, with much of it moving out of Russia,” Organized Crime And Corruption Reporting Project said, citing Transparency International UK data.
‘Multiple Layers of Secrecy’
The organization said LLPs are appealing to those looking to move illicit funds because they can be set up in a way that provides multiple layers of secrecy, making it difficult to determine who truly owns them,” the Organized Crime And Corruption Reporting Project explained.
The latest research, which analyzed 146,948 LLPs incorporated between April 2001 and September 2021, revealed that 21,002 (14%) showed three or more money laundering red flags.
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