From its foundation until the April publication of the Panama Papers , it remained mostly obscure even though it sat at the heart of the global offshore industry, and acted for about , companies. More than half are registered in British tax havens — as well as in the UK. On March 14, , the law firm announced that it was shutting down, because of the economic and reputational damage inflicted by the disclosure of its role in global tax evasion by the Panama Papers. It specialized in commercial law, trust services, investor advisory, and international business structures. In , the firm was described as one of seven that collectively represented more than half of the offshore companies incorporated in Panama. The firm had nine offices in China ,  several in Latin America ,  others in the United States  and Europe , with two in Switzerland. Mossack established operations in the British Virgin Islands in , where it incorporated more than , companies. The firm was consulted by the country of Niue when it sought to become an offshore financial center , and managed that business exclusively for the country through their Panama headquarters. The firm had allegedly helped foreign citizens circumvent their local tax laws    and sometimes even international sanctions.
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