EIGHT LONG YEARS LATER, MOSSACK AND FONSECA FINALLY GO ON TRIAL FOR MONEY LAUNDERING IN THE REPUBLIC OF PANAMA

Remember Jurgen Mossack & Ramon Fonseca Mora, the two partners in a firm that offered all the services that a money launderer or corrupt PEP could possibly want? They are, at long last, going to trial in Panama on money laundering charges, after eight years. Twenty seven others will reportedly stand trial with them. Their method of operation of total opacity as to beneficial ownership was to engage local lawyers in obscure East Caribbean tax havens, as frontmen ( and women) to form companies for their tax-evading corrupt and laundrymen clients.

I am sure that, if you have been in the compliance business for a while, you recall the Panama Papers, where a number of unnamed individuals ( I knew some of them) blew the whistle on their illicit activities, especially for corrupt foreign government officials artfully hiding bribe and kickback money with their assistance.

I know how this will end, and it won't be with a conviction and prison sentence; the Panamanian justice system is far too corrupt for that to occur. That's why legitimate foreign businessmen and bankers should give Panama a wide berth, lest any civil litigation they must bring against Panamanians is endlessly delayed ad nauseam. M & F will probably skate, in my humble opinion, or suffer only a token fine; Don't expect justice.