Panamanian law firm Mossack Fonseca is shutting down due to the economic and reputational damage inflicted by its role in the Panama Papers scandal.

The Panama Papers investigation in early 2016 was based on stolen files from the company showing how its clients used offshore corporations to mitigate their taxes in other jurisdictions.

In a statement the firm said that it was the victim of a "cyber-attack" that had "distorted" the firm\'s image.

The statement added: “The reputational deterioration, the media campaign, the financial circus and the unusual actions by certain Panamanian authori...