‘Panama Papers’ law firm shuts down operations

The law firm at the heart of the "Panama Papers" global tax evasion scandal that brought down two world leaders announced Wednesday it would shut down operations, citing negative press and what it called unwarranted action by authorities, reports AFP.

"Reputational deterioration, the media campaign, the financial consequences and irregular actions by some Panamanian authorities have caused irreparable damage, resulting in the total ceasing of public operations at the end of this month," Mossack Fonseca said in a statement.

But it added a smaller group would continue working to address requests from authorities and other public and private groups.

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