April 15, 2016
The most recent corruption case was revealed by the so-called “Panama Papers,” which were published April 4. The Panama Papers exposed the involvement of international figures in tax evasion and money laundering.
Tareq Abbas, the son of Palestinian President Mahmoud Abbas, was among the Palestinian names contained in the papers. According to these documents, Abbas secretly owns, in partnership with the PA, a holding company worth more than $1 million in the British Virgin Islands.
Mohammed Mustafa, the former Palestinian deputy prime minister who resigned in 2015 and current head of the Palestine Investment Fund, was also on the list, as was the Arab Palestinian Investment Company (APIC), one of the largest companies in Palestine with more than 1,500 employees.
Mohammed Abu Giab, the editor-in-chief of al-Eqtesadia magazine, told Al-Monitor, “The credibility of the Panama Papers is unquestionable — some Palestinian figures and companies associated with the PA are laundering money. I recently learned that some diplomatic action is being taken on the international level following the disclosure of the Panama Papers in a bid to investigate these figures’ involvement in these excesses. The documents will have a dramatic impact on two levels. The first is political, as the PA might face international pressure and accountability regarding its role in the use of funds out of the view of international eyes. The second is economic, as international efforts to revive the Palestinian economy could slow down. However, no Palestinian judicial actions have been taken to investigate the issue.”