The Alemán, Cordero, Galindo y Lee (Alcogal) firm announced today the creation of the position of Chief Transparency Officer.
The decision is motivated by the company’s commitment to transparency and as a result of the recent approval of Law 254 of November 11, 2021, which introduces adjustments to five laws on international tax transparency, as well as in relation to prevention money laundering, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.
An opportunity
“The best defense of our sector is transparency, that is why we fully support the requirements approved in Law 254,” said Jaime Aleman, founding partner of Alcogal.
According to Alemán, the new regulation “is an opportunity to reinforce transparency and compliance policies and for this reason we have decided to create the position of Director of Transparency.”
Functions of the new Director
Arturo Gerbaud, managing partner of the firm, explained that the new legislation imposes more demanding measures and therefore one of the functions of the new Transparency Directorate will be to ensure that the Accounting Records and the Unique System of Final Beneficiaries are kept duly updated, in a manner that the firm’s collaboration with the competent authorities can be made more effective.
In addition, the Director of Transparency must ensure that the firm remains up to date in all its legal obligations in the matter, as well as guarantee the adoption of practices and trends that reinforce the legacy of transparency.
