Research reveals that nearly 236,500 properties in England and Wales, worth approximately £64 billion, are owned through opaque trusts, enabling wealthy individuals, including kleptocrats, to hide their identities. The UK introduced a property register in August 2022 aiming to increase transparency, yet many still exploit loopholes to shield ownership. Transparency International suggests these structures hinder the sanctions on Russian individuals and calls for reform to disclose true ownership. MP Joe Powell highlights the pressing issue of trusts in facilitating illicit wealth concealment and emphasizes the need for government action to enhance transparency against corruption.
The government has already made real progress in tackling corruption but trusts remain a significant blind spot in the UK's transparency framework.
This research confirms that trusts are now the go-to vehicle for kleptocrats seeking to hide illicit wealth and avoid scrutiny.
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