Panama Papers law firm Mossack Fonseca to shut down after tax scandal

From Reuters - March 14, 2018

PANAMA CITY (Reuters) - Mossack Fonseca, the Panamanian law firm at the center of the Panama Papers scandal, said on Wednesday it was shutting down due to the economic and reputational damage inflicted by its role in the global tax evasion debacle.

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.

The reputational deterioration, the media campaign, the financial circus and the unusual actions by certain Panamanian authorities, have occasioned an irreversible damage that necessitates the obligatory ceasing of public operations at the end of the current month, the firm said in a statement.

Mossack Fonseca said a skeleton staff would remain in order to comply with requests from authorities and other public and private groups.


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