Governments worldwide are now investigating reports of international tax avoidance following the leak of more than 11 million files from a Panamanian law firm. Tens of thousands of rich and powerful people, including hundreds of Australians, have been mentioned in what is seen as an extensive investigation into offshore financial dealings. Iceland prime minister Sigmundur David Gunnlaugsson has resigned, making him the first major casualty of the leaked Panama Papers. The leaks, from the Panama-based Mossack Fonseca law firm, showed Mr Gunnlauggsson owned an offshore company with his wife but did not declare it when he joined parliament. It comes as world leaders continue to react to the vast international investigation.
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