The latest trial is expected to last until April 26, according to the justice department. (document)
Panama City:
Twenty-seven people were put on trial on Monday on money laundering charges related to the “Panama Papers” tax evasion scandal, which revealed how many of the world’s wealthy hid their assets in offshore companies.
The 2016 leaks shocked governments, exposed high-profile figures, triggered dozens of investigations around the world and hit Panama’s reputation as an offshore financial center.
Defendants set to stand trial in Panamanian criminal courts include Jurgen Mossack and Ramon Fonseca Mora, founders of the now-defunct law firm at the center of the scandal people.
The 11.5 million documents leaked by Mossack Fonseca involved influential figures such as billionaires, politicians and even sports stars.
Iceland’s Prime Minister Sigmundur David Gunnlaugsson was forced to resign after it was revealed that his family had offshore accounts.
The then Prime Minister of Pakistan, Nawaz Sharif, was implicated in these documents and was disqualified from office for life.
Others implicated include former British Prime Minister David Cameron, soccer star Lionel Messi, then-President of Argentina Mauricio Macri, and Spanish film producer Pedro Almodóvar. wait.
The documents were leaked to a German newspaper, Süddeutsche Zeitung, which in turn shared them with the International Consortium of Investigative Journalists.
Many of those involved in the scandal have offered reasons to explain their overseas presence and said their actions were not illegal.
Even so, Mossack Fonseca said in 2018 that it would close due to “irreparable damage” to its reputation.
Panama has passed new legislation since the scandal broke, but the Central American country remains on the EU’s tax haven blacklist.
Some of the country’s anti-money laundering laws did not exist when the Panama Papers came to light, a fact that could complicate justice efforts to secure convictions.
In Panama, tax evasion crimes have only been punishable since 2019 and amount to more than $300,000 per year.
In 2023, Mossack and Fonseca went on trial in Panama for alleged money laundering in the Brazilian “Car Wash” corruption scandal involving construction group Odebrecht.
Prosecutors requested sentences of up to 12 years in prison for both men in the case. The verdict has not yet been announced.
The latest trial is expected to last until April 26, according to the justice department.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
