The sleaze continues to deepen, now that both Ivanka Trump and Jared Kushner are what the Times calls senior federal government officials.

But the financial disclosure report released late Friday for Mr. Kushner, which shows that he and his wife still benefit financially from a real estate and investment empire worth as much as $740 million, makes clear that this most powerful Washington couple is walking on perilous legal and ethical ground, according to several prominent experts on the subject.

Unlike Mr. Trump, who is exempt from conflict of interest laws, both Mr. Kushner and Ms. Trump — who took a formal White House position this past week — are forbidden under federal criminal and civic law to take any action that might benefit their particular financial holdings.

It’s also the case that Trump is forbidden to hire his relatives to work in his administration, but apparently no one is going to enforce that.

“Donald Trump can evade legal responsibility even if the conflicts of interest remain,” said Noah Bookbinder, executive director of Citizens for Responsibility and Ethics in Washington, a liberal nonprofit group. “His daughter and son-in-law don’t have that escape hatch.”

Mr. Kushner did resign from more than 200 positions in the partnerships and limited liability companies that make up the family-run multibillion-dollar real estate business. But the financial disclosure report shows that Mr. Kushner will remain a beneficiary of most of those same entities.

And, I would like to know, what interests do they have that aren’t financial? I mean “interests” in the broad sense. What education, experience, training do they have in public policy? What do fashion and real estate profiteering have to do with public policy? What makes them suitable for these jobs? As far as I know, the answer is absolutely nothing.

[R]eal estate projects like the Kushner Companies’ deals have become a magnet for opaque foreign money — often from parts of the world that present thorny policy questions, such as China, where Mr. Kushner’s company has actively sought investors, as well as the Middle East and Russia. As part of his exceptionally broad portfolio in the White House, Mr. Kushner has been a crucial figure in arranging the visit of the Chinese leader, Xi Jinping, on Thursday in Florida.

There’s that mysterious “luxury” hotel and apartment building in a seedy part of Baku, with its possible links to Iran’s theocratic Revolutionary Guard. Ivanka went there and modeled a hard hat.

The actions by Mr. Kushner stand in contrast to the moves by some other top aides to Mr. Trump, such as Secretary of State Rex W. Tillerson, the former chief executive of Exxon Mobil, who before he was sworn in agreed to liquidate all of his stock holdings and his ownership stake in Exxon, putting his assets mostly into Treasury bonds and other permitted investments, such as diversified mutual funds, which make formal financial conflicts unlikely.

Mr. Kushner, by contrast, continues to hold multimillion-dollar lines of credit from institutions such as Citigroup and Deutsche Bank, while companies he is still a beneficiary of have billions of dollars in additional loans from heavily regulated institutions.

Richard W. Painter, who served as a White House ethics lawyer in the Bush administration, said that Mr. Kushner’s financial holdings would complicate any interactions he might have with such banks.

He should especially stay away from anything to do with Dodd-Frank, Painter says. Trump of course wants to get rid of Dodd-Frank.

Several of the companies that are in business with Kushner Companies have faced scrutiny by federal law enforcement. Deutsche Bank, for example, reached a $7.2 billion settlement last year with the Justice Department over its sale of toxic mortgage securities.

Mr. Kushner, who frequently speaks with world leaders and is tasked with overseeing Middle East peace negotiations, also has an unsecured line of credit worth as much as $5 million from Israel Discount Bank. Kushner Companies has also taken out at least four loans from Bank Hapoalim, Israel’s largest bank, though they are not disclosed in the filing. That firm is the subject of a Justice Department investigation into whether it helped wealthy Americans evade taxes with undeclared accounts.

Sleazy enough yet?