Sanctioned Russian oligarchs ‘exploited’ UK secrecy loophole – BBC Newsnight

According to a US Senate committee investigation in 2020, Arkady and Boris Rotenberg – judo partners of the Russian president – used a type of company to dodge anti-money laundering laws, it has been claimed.

Please subscribe HERE http://bit.ly/1rbfUog

These companies, known as English Limited Partnerships (ELPs), do not require their real owners to be identified and as thousands are being created, is Britain building a reputation as a swamp for dirty money?

ELPs are legitimately used in real estate, investment and pension funds – they have tax advantages, for example, and the amount investors risk is limited.

Successive governments have failed to deal with the issue and working with investigators from Finance Uncovered, we have discovered evidence that these companies were used to buy millions of dollars worth of art.

BBC Economics Correspondent Andy Verity reports on how hundreds of ELPs are registered to single address in central London.

#Newsnight #BBCNews #BBC

Newsnight is the BBC’s flagship news and current affairs TV programme – with analysis, debate, exclusives, and robust interviews.

Website: https://www.bbc.co.uk/newsnight
Twitter: https://twitter.com/BBCNewsnight
Facebook: https://www.facebook.com/bbcnewsnight