Money laundering charges against Panama Papers city council member

Former Reykjavík City Council member for the Independence Party, Júlíus Vífill Ingvarsson, is charged with money laundering by keeping amounts of ISK 131-146 million (USD 1.2-1.4 million, EUR 1-1.2 million) in a foreign bank account, an amount that was partly illegally obtained, and to have transferred the money to the bank account of a trust in Switzerland.

This is revealed in charges against him by the Office of the District Prosecutor, a document obtained by

Júlíus Vífill resigned as city council member in 2016 in the wake of the Panama Papers, (millions of leaked documents from a Panama law firm, detailing information about off-shore companies and accounts), which revealed that he had established and off-shore company in Panama.

Júlíus is said to have kept the money, which was in US dollars, Euros and Pounds, in his bank account at UBS bank on the offshore island Jersey in the English Channel,

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