If you’ve never heard of limited liability partnerships (LLPs), or you don’t know why they are important – read on.
Simply put, LLPs are corporate bodies whose members have the benefit of limited liability. This means, for instance, that if two people set up an LLP, and things go badly, there is a limit to how much those people are on the hook for.
Bad actors from around the world have used LLPs registered in the UK to facilitate a wide range of harms to people in the UK, to the UK economy, and to innocent people in countries such as Ukraine. Our security is threatened by the use of LLPs by Russian military and intelligence agencies and by the North Korean government. And our economy and individual safety and wellbeing is threatened by the use of LLPs for money laundering which is associated with political corruption, with drug, arms and people trafficking, and with tax evasion.
