Del Valle´s real estate operations were a means to launder cash for up to nine international organized crime groups

Spanish authorities claim that much of Del Valle´s real estate operations were a means to launder cash for up to nine international organized crime groups. In particular, the authorities allege that the Del Valle law firm set up anonymous trusts - possibly hundreds of shell companies - in nearby Gibraltar, but also in other places likes the Netherlands and the Isle of Man

Since news of the operation hit the press, Spanish authorities have increasingly sought to place some of the blame on Gibraltar, which "is not cooperating in the fight against money laundering," according to Conde Pumpido.

Posted in: Corruption