New Insider Deals are here, and you’re going to love them!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. 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 Monday, with lawyers Juergen Mossack, Ramón Fonseca and other ex-employees of the firm facing money laundering charges.The case centers on allegations the firm set up shell companies to acquire properties in Panama with money from a 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 own citizens.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 organizations in 2016.
U.S. 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.Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Source: Law Daily Report (lawdailyreport.net)
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