Trial begins in worldwide ‘Panama Papers’ money laundering case

8 April 2024, 21:54

Panama Papers Trial
Panama Papers Trial. Picture: PA

Those on trial include the owners of the Mossack Fonseca law firm that was at the heart of the 2016 massive document leak.

The trial of 27 people charged in connection with the worldwide “Panama Papers” money laundering started on Monday in a Panamanian criminal court.

Those on trial include the owners of the Mossack Fonseca law firm that was at the heart of the 2016 massive document leak.

The Panama Papers include a collection of 11 million secret financial documents that illustrate how some of the world’s richest people hide their money.

The repercussions of the leaks have been far-ranging, prompting the resignation of the prime minister of Iceland and bringing scrutiny to the leaders of Argentina and Ukraine, Chinese politicians and Russian President Vladimir Putin, among others.

The often-delayed trial opened on Monday, with lawyers Juergen Mossack, Ramon Fonseca and other ex-employees of the firm facing money laundering charges.

Mossack was present in the courtroom, and said: “I am not guilty of such acts.” Lawyers for Fonseca said he was in a hospital in Panama.

The case centres on allegations the firm set up shell companies to acquire properties in Panama with money from a sprawling corruption scheme in Brazil known as the Car Wash, or Lava Jato in Portuguese.

Fonseca has said the firm, which closed in 2018, had no control over how its clients might use offshore vehicles created for them. Both Mossack and Fonseca have Panamanian citizenship, and Panama does not extradite its citizens.

The two were acquitted on other charges in 2022.

The records were first leaked to the German daily Suddeutsche Zeitung, and were shared with the International Consortium of Investigative Journalists, which began publishing collaborative reports with news organisations in 2016.

US federal prosecutors have alleged that Mossack Fonseca conspired to circumvent American laws to maintain the wealth of its clients and conceal tax dollars owed to the IRS.

They alleged the scheme dates to 2000 and involved sham foundations and shell companies in Panama, Hong Kong and the British Virgin Islands.

By Press Association

Latest World News

See more Latest World News

Hunter Biden

Hunter Biden’s impending gun trial mired in disagreements over evidence

Uvalde Shooting-Anniversary

Families of Uvalde victims sue Meta, video game maker and gun firm

Sean Kingston House Raid

Sean Kingston and mother alleged to have committed million dollars of fraud

OBIT Caleb Carr

Caleb Carr, military historian and author of The Alienist, dies at 68

US Kenya

US defence secretary Lloyd Austin to undergo medical procedure

France Syria Torture Trial

Paris court sentences three Syrian officials in absentia for war crimes

WHO Pandemic Treaty

Efforts to draft pandemic treaty falter as countries disagree on future response

Palestinian flag outside ICJ

Top UN court orders Israel to halt military operation in Rafah

Israel Palestinians

Egypt says it will send aid trucks into Gaza through Kerem Shalom crossing

Belarus Russia

Putin questions Zelensky’s legitimacy as Ukraine’s leader

Australia US Pilot

Sydney judge allows extradition of US ex-fighter pilot accused of training Chinese

Vatican Pope Millennial Saint

Italian teenage computer ace set to become first millennial generation saint

Director Morgan Spurlock attends a special screening of ‘RATS’ on August 26, 2013 in New York City.

Super Size Me filmmaker Morgan Spurlock dies at 53


China deploys dozens of warplanes and ships near Taiwan

Syria IS

British woman and three children linked to IS in Syria handed to UK delegation

Morgan Spurlock has died aged 53.

Super Size Me documentary maker Morgan Spurlock dies aged 53