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8 years after the scandal that shook the world, the "Panama Papers" trial begins

2024-04-08 18:46:40Kosova&Bota SHKRUAR NGA REDAKSIA VOX
8 years after the scandal that shook the world, the "Panama Papers"
The Panama Papers

The trial of twenty-seven people on charges of money laundering related to the "Panama Papers" fiscal evasion scandal, which revealed how many of the world's rich hid their assets in offshore companies, began on Monday.

In 2016, the scandal shook governments, exposed high-profile figures, led to a series of investigations around the world and damaged Panama's reputation as an off-shore financial center, writes AFP.

The defendants to be tried in Panama's Criminal Court are Jurgen Mossack and Ramon Fonseca Mora, the founders of the now-defunct Panamanian law firm at the center of the scandal.

More than 11 million files from their company Mossack Fonseca incriminated influential people, including billionaires, politicians and sports stars.

Icelandic Prime Minister Sigmundur David Gunnlaugsson was forced to resign after it was discovered that his family had offshore bank accounts.

Pakistan's then prime minister, Nawaz Sharif, was barred from public office for life after the documents incriminated him.

Famous

Some of the other people mentioned include former British Prime Minister David Cameron, soccer star Lionel Messi, then-Argentine President Mauricio Macri and Spanish film director Pedro Almodovar.

The documents were sent to the German newspaper Sueddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists.

Many involved in this affair published their reasons for this and said that they did not act illegally.

However, Mossack Fonseca announced in 2018 that it would be closed due to "irreparable damage" to its reputation.

Panama passed new laws after the scandal broke, but the Central American country remains blacklisted by the European Union for tax havens.

cleaning money

The fact that some of its money-laundering laws did not exist when the scandal broke could complicate the judiciary's efforts to successfully convict defendants.

The crime of tax evasion has been punished in Panama only since 2019, and for amounts greater than US$300,000 per year.

Mossack and Fonseca went on trial in Panama in 2023 for alleged money laundering as part of a Brazilian corruption scandal linked to construction giant Odebrecht.

The prosecution asked for up to 12 years in prison for both people in that case and the verdict has not yet been announced.

According to court records, the final trial is expected to last until April 26.


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