Law Firm at Center of Pandora Helped Global Rich Hide Money (1)

Two decades ago, Jaime Aleman was looking to re-establish Panama’s reputation as a stable business center following the U.S.’s 1989 invasion.

So, the Duke-educated attorney brought together heads of the country’s top law firms to back legislation inspired by Liechtenstein’s friendly rules on private foundations. The story, as told by Aleman in his autobiography, “Honesty is Priceless,” was the beginning of an offshore-entity boom, in which world leaders, celebrities and more used hundreds of thousands of shell companies in Panama to hide their assets and take advantage of accounting and tax loopholes.

Now, his law firm -- Aleman, Cordero, Galindo ...