28 Dec 2017
More than $500 million has been recouped by tax authorities worldwide after the Panama Papers revelations, first published in April 2016.
Spain alone collected $122 million after an investigation into the affairs of tax residents who had stockpiled money offshore.
Among the countries represented in the Panama Papers data, a total of 15 – on three continents – have publicly commented on the amount of taxes recovered by tax authorities.
This number could keep growing with several countries still conducting audits on the basis of the Panama Papers information.
In Canada, 123 audits are underway and several criminal investigations are ongoing, according to the Canada Revenue Agency. South Korea also reported having recouped $1.2 billion in taxes this year, though it is not clear what percentage is directly connected to the Panama Papers.
Last July, the German federal police agency announced it had bought the Panama Papers data. The agency conducted raids and has so far frozen two million euros.
Danish tax authorities also acquired a portion of the Panama Papers data from an unknown source and are investigating 320 companies and 500 to 600 individuals linked through the data to Denmark.
Earlier this year, the founders of the Panamanian law firm Mossack Fonseca were arrested on money laundering charges after authorities raided the firm’s headquarters as part of investigations into Brazil’s largest-ever bribery scandal, known as Lava Jato.
Rómulo Bethancourt, one of Panama’s organized crime prosecutors, has been investigating Mossack Fonseca’s alleged role in an international corruption probe.
“We have a solid case,” Bethancourt said in March about his agency’s investigation of Mossack Fonseca in relation to Lava Jato. A separate investigation is ongoing into Mossack Fonseca and the Panama Papers.
– By Cecile S. Gallego, ICIJ
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet