Panama's Second Office anti-corruption prosecutors have announced that they have obtained the first conviction in the massive investigation into the law firm of Mossack and Fonseca. An unidentified Panama City banker has, in essence, agreed to plead guilty, and a five year (60 month) sentence imposed, which was validated by a Court.
According to reports in Panama, the banker has identified the signatories, and final beneficiaries of the different bank accounts used to transfer and receive illicit money, from acts of corruption of public servants abroad. The case involved is part of the Petroecuador corruption scandal. Petroecuador is a state-owned oil company. Mossack name partner, Jurgen Mossack, has denied that his law firm has any connection to the Petroecuador case.
Unfortunately, neither the identity of the banker, nor the name of his bank, have yet been identified, which is disturbing. We trust that disclosure of this information will be forthcoming in the immediate future.
Chronicles of Monte Friesner - Senior Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant