Iceland's Prime Minister Sigmundur David Gunnlaugsson is facing a huge protest after the opposition announced to file a motion of no confidence against him. It follows the rally in the main city where thousands shouted his resignation.
Iceland has appointed Minister of Agriculture and Fisheries Sigurdur Ingi Johannsson as the new prime minister following Gunnlaugsson's exit from office due to his involvement in undeclared offshore assets.
Panama said it would form an independent commission to review the country's financial practices following the leak of information from a local law firm that has embarrassed a clutch of world leaders.
More than 800 wealthy Australians are under investigation by the Australian Taxation Office for possible tax evasion linked to their alleged dealings with a Panama-based law firm.
Lionel Messi and his family has commented on their involvement regarding the coined "Panama Papers." They have denied the allegations and even threatened legal action.
A massive leak of 11.5 million tax documents has been exposed. This includes dealings of the aides of Russian president Vladimir Putin, other world leaders such as President Xi Jinping, and prominent celebrities.
