A Panama court has ruled in favor of all those accused of money laundering in the so-called Panama Papers, a leak of documents from the Mossack Fonseca company that exposed connections between world leaders and offshore companies. The case involved 28 individuals, including Jurgen Mossack, one of the company’s founders. The case against the second co-founder, Ramon Fonseca, who passed away a month ago, was also dropped. The prosecutor had sought 12 years in prison for them on charges of helping clients launder money and evade taxes.
The Panama Papers, based on an analysis of internal Mossack Fonseca documents, were published in 2016. The documents revealed that the company had assisted powerful individuals in making tens of millions of dollars through offshore companies. The case materials mentioned associates of Russian President Vladimir Putin, former Ukrainian President Petro Poroshenko, and Chinese leader Xi Jinping. The documents also included names like footballer Lionel Messi and director Pedro Almodóvar.
Russian cellist Sergei Roldugin, a friend of Putin, came into the spotlight in connection with this case as well. He was found to own several offshore companies worth billions of dollars.
However, it is important to note that acquitted individuals were not found guilty beyond reasonable doubt in the court proceedings and are presumed innocent until proven guilty. Despite this acquittal decision by the court there are ongoing investigations worldwide into those named in these leaks to determine their involvement in illicit activities and if they are subject to any sanctions or penalties as a result.
