The trial concerning money laundering allegations against the former leaders of Mossack Fonseca, the now-defunct law firm at the center of the global “Panama Papers” scandal, concluded after 10 days of hearings in Panama City.
Judge Baloisa Marquinez stated that a verdict would be delivered in the coming weeks, utilizing a law that allows for a 30-working-day timeframe for judgment, possibly extending further for complex cases.
Prosecutor Isis Soto has sought a 12-year prison sentence, the maximum for money laundering, for Jurgen Mossack and Ramon Fonseca, the firm’s founders whose practices were pivotal in the 2016 scandal triggered by leaked documents from Mossack Fonseca, revealing how numerous wealthy individuals globally concealed assets in offshore companies.
Jurgen Mossack expressed his frustration at what he considered an injustice against him and his colleagues, emphasizing their integrity and honesty. The trial included more than two dozen defendants, primarily former employees, with Fonseca absent due to medical reasons.
The prosecution alleges that Mossack and Fonseca were involved in concealing and providing false information to banks, as well as transferring funds from illicit activities in Germany and Argentina.
Defense lawyer Guillermina McDonald argued that the trial had flaws and asserted that her clients should be acquitted, citing a lack of evidence of any criminal acts.
The Panama Papers leak implicated prominent figures worldwide, leading to political repercussions, including the resignation of Icelandic Prime Minister Sigmundur David Gunnlaugsson and the disqualification of then-Pakistani Prime Minister Nawaz Sharif.
The scandal tarnished Panama’s reputation as an offshore financial center, ultimately leading to the closure of Mossack Fonseca in 2018.
