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Former Politician Sentenced in Panama Papers Case

Júlíus Vífill Ingvarsson, former Independence Party city councillor, has just been sentenced to ten months probation by the District Court of Reykjavík for money laundering, RÚV reports. The sentence is to be suspended for two years. Júlíus himself was not present at the sentencing.

Tax authorities began investigating Júlíus’ financial dealings after his offshore company Silwood Foundation appeared in the Panama Papers in April 2016. Though other Icelanders, including prominent politicians, have been investigated by the Directorate of Internal Revenue for information revealed in the infamous papers, Júlíus is the only Icelander who has been charged as a result.

Júlíus confessed to not paying taxes on funds that he had in a foreign bank account, the exact amount of which was not revealed. He was charged with having laundered ISK 49-57 million ($400,000-470,000/€350-410,000), said to be profits from tax evasion.

Júlíus denied the charges when they were confirmed last September. In a statement submitted to the district court, he asserted the only reason criminal charges were filed against him was because he was a former politician – that others would not have received such treatment. He also criticised that the investigation was headed by a member of the Left Green Movement and said this disqualified the individual from conducting research into the case.

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