The infamous Panama law firm Mossack Fonseca, which was implicated in the Panama Papers scandal, announced Thursday it will be shutting down after 40 years of operations because of the firm’s ruined reputation as a result of the leaks.
The Panama Papers was a leak of 11.5 million documents detailing client-attorney financial records at Mossack Fonseca, that was given to a journalist by an anonymous whistleblower.
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. The hundreds of stories that followed resulted in the resignation of heads of state in Iceland and Pakistan.
According to the firm’s statement given to the ICIJ, “Mossack Fonseca was victim to a cyber-attack on a global scale.”