Over $1.3bn collected in wake of Panama Papers leak
Governments around the globe have managed to retrieve over $1.36bn (£986m, €1.14bn) in taxes and penalties as a result of the Panama Papers scandal.
Five years after the International Consortium of Investigative
Journalists (ICIJ) exposed the offshore finance industry, 24 countries reported
official recoveries with hundreds of others proceedings still ongoing.
The investigation not only sparked an avalanche of penalties
and tax retrieval missions, but also allowed authorities around the world to
pursue both criminal and civil cases for alleged money laundering and fraud
against individuals and companies.
In Argentina, the brothers of former president Mauricio
Macri are on trial for money laundering after failing to declare $4m in a Swiss
bank account held in the name of an offshore company featuring in the Panama
Papers.
In France, there are still 15 ongoing investigations on top
of the hundreds of pending court proceedings; while in Malta, the investigation
led to the resignation of chief of staff to the prime minister Keith Schembri
who was charged in March 2021 with money laundering, corruption, fraud, and
forgery.
Global effort
According to the ICIJ, the top countries that have managed
to recover the biggest sums, so far, are:
UK – $252.7m
Germany – $195.6m
Spain – $166.5m
France – $142.3m
Australia – $137.6m
Colombia – $88.8m
Ecuador – $84.3m
Italy – $65.5m
Czech Republic – $36.4m
Norway – $33.8m
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