The Superintendency of Securities has confirmed that Mossack Fonseca Asset Management, S.A. has applied for voluntary liquidation and cancellation of its licence as a financial advisor.

Through this business division, the Panamanian firm Mossack Fonseca (MF) guided its customers on how and where to invest their money.

During the month of April, the securities regulator began an investigation to find out if the firm complied with due diligence requirements on their customers.

A reason for the decision was not disclosed.

According to records of the superintendency, the legal representative of the company is Jürgen Mossack, while Ramón Fonseca is listed as treasurer and Dirk Brauer is the manager and chief executive officer.

Mossack Fonseca has been the subject of media scrutiny since articles began being published about data from the firm that was leaked to the German newspaper Süddeutsche Zeitung.

The liquidation will not halt the ongoing investigations into the firm by securities regulators.