Last time it was Mossack Fonseca & Co.
This time it’s Alcogal
So .. who are Alcogal?
“Over the past three decades, Alcogal has become a magnet for the rich and powerful from Latin America and beyond seeking to hide wealth offshore,” the reporting group said, citing leaked corporate records.
For example, the ICIJ says Alcogal set up more than 200 shell companies for the Banca Privada d’Andorra, some of which were then used to conceal public corruption in Venezuela.
The United States later blacklisted the bank over money laundering concerns and Alcogal disentangled itself from the bank.
“Alcogal rejects the conjecture, inaccuracies and falsehoods in the papers,” the firm said, offering to work with authorities to investigate any irregularities.
The revelations from the Pandora Papers could further damage Panama’s reputation, after the Central American country’s image already took a hit in a previous round of financial scandal reporting known as the “Panama Papers” five years ago.
France 24 report
Panama law firm heavily implicated in ‘Pandora Papers’ revelations
A prestigious Panamanian law firm was named in the so-called “Pandora Papers” as implicated in the creation of offshore shell companies meant to hide money in tax havens for more than 160 politicians and public figures.
They included “some accused of looting their countries,” according to the International Consortium of Investigative Journalists (ICIJ), which obtained the leaked documents as part of the Pandora Papers, published Sunday, which sent shockwaves of embarrassment through powerful circles.
Aleman, Cordero, Galindo & Lee, or Alcogal, was involved in creating shell companies to move money for Jordanian King Abdullah II, Czech Prime Minister Andrej Babis, Montenegro President Milo Djukanovic and three former presidents from Panama, among others, according to the bombshell release.
Read more at https://www.france24.com/en/live-news/20211004-panama-law-firm-heavily-implicated-in-pandora-papers-revelations
Here’s their entry page and we’d like to ask the open question are the legal directory companies recommending this firm part of the “enablement” process?
