Prosecutors have issued arrest warrants for Jürgen Mossack and Ramón Fonseca, the founders of the law firm at the heart of a global investigation on the rogue offshore industry.
Richard Gaffey forged documents to help American clients evade taxes and worked with lawyers at the Panamanian law firm Mossack Fonseca, prosecutors said.
Harald Joachim von der Goltz was sentenced to four years for wire and tax fraud, money laundering, false statements and other charges.
The island territory failed to comply with standards on how countries share information about people and companies suspected of financial wrongdoing, the OECD found.
"Meaningful sentences must be given... to forewarn others of the consequences for engaging in multi-year tax fraud," prosecutors argue.
U.S. regulators settled a major corruption case with the Italian oil company that allegedly bribed Algerian politicians through a middleman who controlled a constellation of shell companies.
A Massachusetts accountant should spend up to nine years behind bars for helping U.S. residents to evade taxes and launder money over almost two decades, prosecutors told a New York City courtroom on Friday.
Prosecutors are seeking jail time for Harald Joachim von der Goltz, who said he was "profoundly sorry" as he pleaded guilty to a range of financial crimes.