Revealed: More than 700 British firms blacklisted in Ukraine for suspicious activity
They are as common as muck in Ukraine. And often as dirty. Foreign shell firms – ‘offshores’ in the jargon – litter the country’s politics and economy. They are used to conceal ownership, avoid tax, make illicit payments and launder dirty money. Their abuse, say anti-corruption campaigners, help keep Ukraine poor. Many are British, especially Scottish. Now an analysis of Ukrainian government public records by openDemocracy gives another glimpse at just how often UK corporate entities are being red-flagged in the country. We found that more than 700 Scottish, English, Welsh and Northern Irish firms are ‘blacklisted’ in Ukraine. Transparency International said this was “a stark reminder of Britain’s role as a global hub for financial crime”. The Scottish National Party, which has been campaigning for tighter corporate governance, said Scottish limited partnerships – or SLPs, one of the most common ‘offshores’ used in Ukraine – had left a “toxic” legacy. The busi...