"The move is part of a wider crackdown on illicit funding flowing into the U.K. In July, the U.K. laid out draft laws requiring foreign companies and other legal entities owning U.K. real estate to reveal their true owners...
Global Witness was among the anticorruption groups dismayed by the FATF’s ratings, suggesting that the initiatives against money laundering introduced by the U.K. in recent years are promising on paper but have yet to work in reducing the flow of dirty money."
Among those initiatives are Unexplained Wealth Orders, and an enhanced corporate registry system that seek to limit money laundering capabilities via shell companies and non-transparent beneficial ownership.
Under the proposals unveiled Monday, those registering limited partnerships will be required to demonstrate they have an official anti-money-laundering supervising agent, maintain a link to the U.K. and submit an annual statement to Companies House to ensure their information is accurate. Companies House, the U.K.’s corporate registrar, can strike limited partnerships off its list if they aren’t carrying on business.