part of money—laundering schemes. and it is a lucrative business because the south should coat —— south dakota trust have quadrupled in size in the space of ten years to $360 billion. the largest trust in the state has confirmed it has clients from 5a countries and 47 states, including more than 100 billionaires. what you were saying, just to clarify, then, is that if those billionaires were investing in london, we would know who they were, but because they are investing in south dakota, we don't know who they are? it south dakota, we don't know who they are? , , :, :, south dakota, we don't know who they are? , :, :,, ,, are? it is important to stress there is nothin: are? it is important to stress there is nothing illegal— are? it is important to stress there is nothing illegal or _ are? it is important to stress there is nothing illegal or improper- are? it is important to stress there | is nothing illegal or improper about setting up a trust. they could be advantages in many ways, the taxation. what the anti—money—laundering rules require is that the beneficiary would be identified properly so if law enforcement agencies, police or tax authorities or whoever is seeking could get information. and while these standards are being applied in