A firm of London solicitors that set up an offshore company for the daughters of Azerbaijan’s president has been referred to a disciplinary tribunal after being accused of multiple failings. They include not detecting “a significant risk of money-laundering”.
Leyla and Arzu Aliyeva – the daughters of President Ilham Aliyev – set up a secret offshore company to help manage their multimillion-pound property portfolio in Britain. The firm, Exaltation Limited, was based in the tax haven of the British Virgin Islands.
Details of the offshore company emerged in April 2016 as part of a leak of records from the Panamanian law firm Mossack Fonseca, known as the Panama Papers.
The London law firm that set up Exaltation, Child Child, claimed – wrongly – that the two women had no political connections. The business interests and property portfolios of the Aliyev family have been the