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25th May 2016, 21:17

Mossack Fonseca to close Gibraltar Branch

Panama law firm, Mossack Fonseca, is to close its office in Gibraltar at the end of next month. In a statement, the firm said it’s consolidating its branch and service office network, following the recent events surrounding what it called the “data intrusion” in its head office. The leak of millions of documents, known as the “Panama Papers”, has drawn international attention.

As well as Gibraltar, Mossack Fonseca will also close its offices in Jersey and the Isle of Man. It says the decision has been taken with great regret, thanking staff and clients. 

More than two thousand entities were linked to Gibraltar in the “Panama Papers” online database; however, in a disclaimer, its publishers, the International Consortium of Investigative Journalists, stressed there are legitimate uses for offshore companies, with no implication of wrongdoing.