Law firm at centre of Panama Papers to close

Sunday, 18 Mar, 2018

At the same time, the company's employees will continue to "fight for justice", in particular, some of them will respond to requests from the authorities and the public.

Mossack Fonseca, the troubled Panamanian law firm at the centre of the Panama Papers scandal is to cease trading at the end of March, the company announced on Wednesday.

Nevertheless, the head office of MF in this capital explained its decisión due to "the deteriorated reputation, the media campaign, the financial siege and the irregular actions of some Panama authorities which have cause dan irreparable damage".

Last August, co-founder Jurgen Mossack acknowledged that the firm has closed most of its offices overseas after its damaged credibility caused business to flounder.

The so-called Panama Papers, which consist of millions of documents stolen from Mossack Fonseca and leaked to the media in April 2016, provoked a global scandal after showing how the rich and powerful used offshore corporations to evade taxes.

At least 150 investigations were opened in 79 countries to examine possible tax evasion and money laundering, according to the US-based Center for Public Integrity.

The subsequent investigation was a joint effort by the International Consortium of Investigative Journalists (ICIJ), its partners, and other journalists to reveal the people implicated in tax evasion schemes, violation of international sanctions, and links to organized crime by politicians, the wealthy global elite, celebrities, and known crime figures.

Icelandic Prime Minister Sigmundur David Gunnlaugsson was forced to resign after it was revealed his family had offshore accounts, while former Pakistani Prime Minister Nawaz Sharif was disqualified from office for life after being implicated in the documents.