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London Property Empire Hidden by Offshore Trusts
An OCCRP investigation reveals how the family of Azerbaijan's president used offshore trusts to conceal ownership of hundreds of millions of dollars worth of London properties. Despite UK transparency reforms aimed at exposing such practices, loopholes, particularly those involving trusts, allow the ultimate beneficiaries to remain hidden. While some properties' ownership is now public, others remain shrouded in secrecy due to these legal structures. Transparency advocates are pushing for further reforms to close these loopholes, but industry groups and some politicians are resisting, citing privacy concerns. This lack of transparency undermines efforts to combat corruption and money laundering
Published on 10 months, 2 weeks ago