Panama Papers trial begins: Global elites' secrets exposed
"Panama Papers" is the largest international investigation by journalists worldwide. Reporters sifted through millions of documents to expose money transfers to tax havens. After eight years, a trial related to this international scandal has begun.
In the wide-ranging investigation of the Panama Papers, 600 reporters from 150 editorial offices in 117 countries participated, a record for this type of action.
Reporters from around the world have focused on the global elite, who transfer money to tax havens. Journalists have scrutinized politicians, businessmen, and celebrities, among others.
The investigation features many interesting names. For example, the ruling family of Azerbaijan, the famous Aliyevs, secretly acquired an office building in London worth about £32 million. Meanwhile, former UK Prime Minister Tony Blair and his wife Cherie were alleged not to have paid about £330,000 in taxes for the purchase of an office building in the capital thanks to a deal structured to allow them to avoid the tax.
In total, 27 individuals appeared in the dock. The trial began in Panama. Among the accused are Jurgen Mossack and Ramon Fonseca Mora, who founded the now-defunct law firm Mossack Fonseca.
They are facing money laundering charges but claim that neither they nor the firm or its employees were involved in illegal activities. In 2017, the firm stated that it had been the victim of a computer hack and that the disclosed information was falsely presented.
What risks do the men face?
If Mossack and Fonseca are found guilty, they could face up to twelve years in prison. The leak, which involved a collection of 11 million financial documents, implicated over a hundred politicians, including then-current heads of state and government, billionaires, and sports stars.
The "Panama Papers" trial began on Monday and is expected to last until April 25.
