Panamanian law firm Mossack Fonseca’s local affiliate in Nevada has resigned from more than 1,000 companies and paid a penalty to the state, while the law firm has also announced the closure of three of its international offices as the fallout from the Panama Papers investigation continues.
Nevada’s Secretary of State Barbara Cegavske announced in a statement on Monday that M.F. Corporate Services (Nevada), Mossack Fonseca’s local affiliate, had paid a $10,000 fine for failing to keep the required records and contact details for its clients. The penalty is the maximum allowed under the state’s laws.
Cegavske’s statement also revealed that the firm had abruptly resigned as registered agent from the 1,024 companies it administered in the state, a move that one expert told ICIJ partner McClatchy was “absolutely unusual.”
Mossack Fonseca’s operations in Wyoming, which were also operated out of the Nevada office, also faced a significant setback when its local Wyoming business partner cut all ties last week, leaving M.F. Corporate Services Wyoming with 60 days to find a new registered agent in the state, or face dissolution by the Wyoming Secretary of State’s office.
Beyond the U.S., the firm has announced the closure of three of its offices, and faces investigations in multiple jurisdictions.