"Look at the Mossack Fonseca case, which was the beginning of the end of our financial business model.  They have just acquitted all those accused because in reality it was an international hoax to undermine the image and competitiveness of our country," Mulino said in his inaugural speech. 

On Friday, a Panamanian court acquitted 28 defendants of money laundering related to the defunct law firm, which was used by celebrities from around the world to hide money.  The "Panama Papers" were a journalistic investigation based on the leak of millions of documents from the law firm.  Due to the scandal, which broke out in 2016, Mossack Fonseca had to close down, while the creation of companies fell dramatically in the country.  "I will make Panama respected and recover our good name that has been arbitrarily tarnished by countries that would never apply the laws they demand of us in their territories," Mulino added. 

On Saturday, Gerard Ryle, head of the consortium of journalists that published the Panama Papers, defended the work, saying "the lasting impact of our investigation remains."  "By revealing hidden truths... we provide the public with the information they need to demand accountability and drive reform," Ryle added.  Panama has been accused of being a tax haven, which has led to the country being placed on various lists, including one by the European Union.  However, successive Panamanian governments have rejected these accusations and have threatened to adopt sanctions against countries and organizations that keep Panama on such lists.  Placing Panama on these lists is "disrespectful and aggressive," said Mulino. 

Following the publication of these documents, senior officials in several countries were forced to resign and others were sentenced.  Following the scandal, Panama implemented legal reforms, including penalizing tax evasion, which was not a crime before.  These changes allowed Panama to leave the "grey list" of the Financial Action Task Force (FATF), based in Paris, in 2023.