Disgraced City Councillor Named In Panama Papers Charged With Money Laundering

Last year, following the publication of the Panama Papers, Júlíus Vífill Ingvarsson had to resign from his position as as city councillor in Reykjavík after it was revealed he had owned an account with Mossack Fonseca. Now, he is being he set to go to trial for money laundering and tax fraud, reports RÚV.

From 2010 to 2015, his company Silwood Foundation had a bank account in Panama through the bank Julius Bär in Switzerland. In that period he had not disclosed his holdings to Icelandic tax authorities, and since January of this year has been under investigation for large scale tax fraud and money laundering.

Júlíus has, furthermore, been embroiled in a family conflict regarding the inheritance left by his parents. His siblings have accused Júlíus of trying to cheating them out of their part of the inheritance by hiding large sums of it in offshore accounts. It is thought that the amounts add up to hundreds of million ISK.