On 31 January, ICIJ reported that 32 people are to be prosecuted for their alleged involvement in money laundering in Panama, and the trial of the unnamed 32 charged with “crimes against the public economic order” will be held on 15 November.  Law firm Mossack Fonseca closed 2 years after the Panama Papers scandal broke and its founders have insisted that they weren’t involved in illegal activities.  However, in a related case, the Supreme Court has exonerated a former Mossack Fonseca employee who faced money laundering charges linked to the Panama Papers investigation.  She and other Mossack Fonseca associates were charged with covering up the illicit origin and ownership of money and assets, according to court records.  One ruling of the Court was that matters involved in the creation of corporations or private interests trusts that are used for tax fraud cannot be considered a crime in Panama if the companies were incorporated before 2019, when the country changed its laws to include fiscal fraud as a predicate crime for money laundering.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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