Just over €9 million have been recovered by the taxman after offshore dealings were exposed in the Panama Papers three years ago.
According to information supplied to the Times of Malta by the Tax Compliance Unit, a total of €9,194,468 has been recovered - €5,006,103 in Pure Tax and a further €4,188,365 in Omission Tax & Interest.
The 2016 Panama Papers leak shed a global spotlight on the use of offshore companies by criminals, celebrities and politicians to hide and launder their money away from the prying eyes of tax authorities.
Taxmen in 22 countries worldwide raked in more than €1 billion in fines and back taxes following investigations into the Panama Papers data, which was leaked from the now-defunct Panamanian law firm Mossack Fonseca.
According to the Tax Compliance Unit, there were 237 taxpayers in Malta who featured in the Panama Papers - 163 individuals, 62 companies and 12 trustees.
The Unit has also said that it is continuing with the pre-audit exercises on all cases that featured in the Panama Papers, of which, 121 individuals or companies are "already undergoing a full investigation or nearing completion".
Read: €16.8m recovered following Panama Papers and Swiss Leaks probes
All cases need to follow the process of a pre-audit, a Unit spokesman said, and if it is found that the level of tax at risk is high, "a full investigation is immediately initiated".
The Panama Papers had revealed that both the Prime Minister’s chief of staff, Keith Schembri, and Tourism Minister Konrad Mizzi had opened secret companies in Panama sheltered by trusts in New Zealand.
Both trusts were not registered with local tax authorities, and the two men were investigated by the government’s anti-money-laundering agency. Dr Mizzi blamed financial advisers Nexia BT for his failure to register his trust. An FIAU report found that Nexia BT "withheld" information about the two.
In a statement marking three years since the leak, the ICIJ said on its website that while recouping the proceeds of hidden assets helps to fund vital government services, there is a growing sentiment that the enduring legacy of the Panama Papers will be "its effect on behaviour and public attitudes".
More than 100 media organisations, including the Times of Malta participated in the investigation, which uncovered accounts in tax havens held by 140 politicians, football stars and billionaires and enjoyed a global media echo.