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Trusts: Sanctions

Answer

The government is committed to preventing sanctioned individuals from misusing trusts to conceal their identities and assets. To this end, we have strengthened the transparency of the beneficial ownership of trusts through our various registers, including our world-leading People with Significant Control (PSC) register, our Trust Registration Service (TRS), and the Register of Overseas Entities (ROE). As of 1 September 2025, any individual can apply to Companies House for disclosure of trust information held on the ROE.

The Office of Financial Sanctions Implementation (OFSI) continues to enhance its implementation and enforcement capabilities. OFSI has opened a record number of investigations this year, reflecting a commitment to robust financial sanctions enforcement. In 2025 OFSI also published a series of reports assessing sectoral threats and vulnerabilities relating to financial sanctions, including a Legal Services Threat Assessment, to help industry implement sanctions where trusts are being misused.

In response to Russia’s illegal invasion of Ukraine, the UK has imposed robust sanctions designed to disrupt funding streams to the Russian regime and prevent those supporting it from benefiting from UK services. Under the UK’s trust services sanctions, trust services must not be provided to or for the benefit of designated persons. Since 16 December 2022, it is also prohibited to provide new trust services to or for the benefit of persons connected with Russia.

For the Legal Services Threat Assessment Report, click here: OFSI_Legal_Services_Threat_Assessment.pdf

Secondary information

Type

Written question

Reference

76617

Session

2024-26

Subjects

Disclosure of information Trusts Sanctions

Link

View this Written question on www.parliament.uk