CITY OF PANAMA.- The scandal of the “Panama Papers” It still resonates eight years after its explosion in 2016, when it shook governments, exposed prominent figures, triggered judicial investigations and left an indelible mark on Panama’s reputation as an international financial center.
The news of the death of the lawyer Ramon Fonsecaone of the leaders of the central law firm in this plot, at 71 years old due to health problems while awaiting his sentence in Panama City, once again fueled the discussion around this case.
What did the “Panama Papers” reveal?
The scandal arose after the leak of 11.5 million digital documents from the Panamanian law firm Mossack Fonseca, which exposed how prominent individuals around the world established offshore companies to hide properties, companies, assets and profits, with the aim of evading taxes or laundering. money.
These data, obtained by the German newspaper Süddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ), were disclosed by various media starting in April 2016.
The investigation revealed that these personalities had created opaque companies through the Panamanian law firm to open bank accounts and establish shell foundations in various countries, hiding funds, some of which were presumed to come from illicit activities.
Global impact and implications
The scope of the scandal was vast, mentioning such prominent names as the Russian president, Vladimir Putinand former leaders of Iceland, Pakistan, Great Britain and Argentina, in addition to the footballer Lionel Messi.
The revelation of the “Panama Papers” triggered at least 150 investigations in 79 countries to examine possible cases of tax evasion or money laundering.
In Panama, after years of delays, a trial was held, the hearings of which concluded recently, and the ruling is expected in the coming weeks.
Consequences and reforms
The scandal led to the closure of the Mossack Fonseca law firm and left a stain on the international reputation of Panama, accused of being a tax haven. Following this, the country implemented reforms and increased requirements for business creation, eventually allowing it to leave the Financial Action Task Force (FATF) “grey list” in 2023.
However, it continues to appear on the list of territories considered “tax havens” by the European Union.
The role of Fonseca and Mossack
Fonseca and his partner Jürgen Mossackfounders of the firm in 1977, were accused of facilitating the creation of opaque companies used for irregular financial activities, such as the deposit of millions of euros outside the real accounting of the German multinational Siemens, as well as to store funds related to a scam. massive in Argentina.
Despite the accusations, Mossack and Fonseca maintained their innocence, arguing that they acted within legal limits.
The legacy of the “Panama Papers” scandal transcended the legal and financial sphere, even inspiring a film directed by Steven Soderbergh, “The Laundry” (2019), which brought the complexities and consequences of this international plot to the big screen.
Source: With information from AP
