Edinburgh Shell Companies Used as Fronts

Unregulated internet money transfer systems are using Edinburgh shell companies as fronts amid growing concern over money-laundering in the industry. At least three websites offering no-questions-asked online payments are using a controversial kind of Scottish firm whose ultimate owners can be secret, file no accounts and pay no taxes.

The businesses, called epay, wpay and payeer, all give their corporate face as a Scottish limited partnership or SLP registered at a maildrop in the capital’s prestigious west end. However, none of the three firms have any physical presence in Scotland beyond their virtual “brass plate” in Edinburgh and none are subject to UK regulation.

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