A trial is underway for the Panama Papers, a case that changed the country's financial rules

📆 4/19/2024 4:32 AM
📰 AP

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Panama,China Government,Panama City

Eight years after 11 million leaked secret financial documents revealed how some of the world’s richest people hide their wealth, more than two dozen defendants are on trial in Panama for their alleged roles.

The Supreme Court stands in Panama City, Monday, April 8, 2024 as the trial starts for those charged in connection with the worldwide “Panama Papers” money laundering case. The Supreme Court stands in Panama City, Monday, April 8, 2024 as the trial starts for those charged in connection with the worldwide “Panama Papers” money laundering case.

Panamanian prosecutors allege that Mossack, Fonseca and their associates created a web of offshore companies that used complex transactions to hide money linked to illicit activities in the “car wash” corruption scandal of Brazilian construction giant Odebrecht. A Siemens spokesperson declined to comment, noting that it is not a party to the Panama case and that it involves former Siemens employees in their private capacity.The 71-year-old Fonseca has not been present for the trial, because his lawyer said he is hospitalized. But he had previously said his firm did not control how their clients used the shell companies the firm created for them. Its role was simply the creation and sale of the companies.

The European Union included Panama on a list of tax haven countries — low taxes or fiscal opacity — which led international financial institutions to demand the implementation of measures that would allow scrutiny of the banking and financial systems.Panama’s government implemented changes to make it possible to identify the ultimate beneficiary behind limited liability companies and their assets.

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