Panama Papers money-laundering trial begins

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Panama Papers: Money laundering trial of 27 defendants begins

The defendants include the founders of law firm Mossack Fonseca which was shut down in 2018.

www.bbc.com

The trial of 27 people charged in connection with the Panama Papers money laundering scandal has started in a Panamanian criminal court.

The leak of secret financial documents in 2016 revealed how some of the world's wealthiest people stashed their assets in offshore companies.

The defendants include Jurgen Mossack and Ramon Fonseca Mora who founded the now defunct law firm, Mossack Fonseca.

The leak, which included a collection of 11 million financial documents, implicated more than a hundred politicians, including then-heads of state and government, billionaires and sports stars.

It also highlighted how tax havens like Panama and the British Virgin Islands were used by the rich and powerful to allegedly hide their wealth and avoid tax.

Panama Papers - Wikipedia

en.wikipedia.org

Panama Papers trial starts, 27 charged in global money-laundering case

Those on trial include the owners of the Mossack-Fonseca law firm that was at the heart of the 2016 massive document leak. The often-delayed trial opened in Panama on Monday.

www.scmp.com

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.

Hopefully, there will be more cases like this. These tax haven countries make it far too easy for unscrupulous people to get away with money-laundering and other such mischief.