Governments worldwide are 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 politicians and more than 800 Australians, have been mentioned in an investigation into offshore financial dealings...
Twelve current and former world leaders have had alleged hidden financial dealings exposed in the unprecedented leak of offshore financial records. The International Consortium of Investigative Journalists has made public more than four decades' worth of documents from the Panama-based Mossack Fonseca law firm.
The leak has sparked international outrage.
Thousands of protesters in Iceland have taken to the streets, calling for Prime Minister Sigmundur Gunnlaugsson to resign.
Documents revealed have led to allegations he and his wife used an offshore firm to hide financial investments. While there is no evidence Mr Gunnlaugsson or his wife have done anything illegal, protesters want the prime minister to step down.
The so-called Panama Papers have led to accusations Ukrainian president Petro Poroshenko set up an offshore company during peak fighting between Ukraine and pro-Russian separatists.
Also, associates of Russian president Vladimir Putin and British prime minister David Cameron are mentioned in the reports.
In Australia, The Greens are calling for the government to strip Wilson Security of its contracts for Australian immigration detention centres on Papua New Guinea's Manus Island and Nauru, after it was named in the Panama-Papers.
Reports also identified mining giant B-H-P Billiton among hundreds of Australian names linked to the Panama law firm that appears to help the rich hide money offshore. A Gold Coast businessman and a Hong Kong billionaire, who is one of Australia's biggest foreign investors, are also identified.
The Tax Office says it's investigating 800 Australian clients of Mossack Fonseca, with at least 120 associated with an offshore service provider in Hong Kong.
