In a Panamanian criminal court, the trial has commenced for 27 individuals accused in connection with the Panama Papers money laundering scandal, which was exposed by the leak of confidential financial documents in 2016. Among the defendants are Jurgen Mossack and Ramon Fonseca Mora, founders of the now-defunct law firm, Mossack Fonseca. Facing money laundering charges, they maintain their innocence, asserting that neither they nor their firm engaged in illegal activities. They attributed the leak to a cyberattack, claiming misrepresentation of the leaked information. Potential consequences include up to twelve years of imprisonment for each defendant if found guilty. The leaked documents, comprising 11 million financial records, implicated numerous high-profile figures, including politicians, billionaires, and sports personalities, shedding light on the utilization of tax havens like Panama and the British Virgin Islands for asset concealment and tax evasion. Initially disclosed to Suddeutsche Zeitung, the records were subsequently shared with the International Consortium of Investigative Journalists. While Jurgen Mossack was present in court, Ramon Fonseca’s lawyers stated he was hospitalized in Panama. Fonseca, a former minister in Juan Carlos Varela’s government, resigned in 2016. Mossack Fonseca ceased operations in 2018.
