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.
Iceland prime minister Sigmundur David Gunnlauggsson is accused of concealing millions of dollars' worth of family assets.
He is one of dozens of high-profile global figures mentioned in the 11 million leaked financial and legal records published by an international collaboration of journalists.
Mr Gunnlauggsson insists he sold his shares to his wife and has denied any wrongdoing.
But facing a looming no confidence vote and protests over the so-called Panama Papers, he had asked Iceland's president, Olafur Ragnar Grimsson, to dissolve parliament.
Mr Grimsson says he asked Mr Gunnlaugsson for talks with the main parties, though, before making such a decision, which almost certainly would have led to new elections.
(Translated)"The prime minister couldn't assure me of the position of the Independence Party in regards to this request. In light of that, I told the Prime Minister I wasn't ready at this time, without speaking to the leader of the Independence Party or even leaders of other parties, to give him the sanction to dissolute parliament."
Hours later, Mr Gunnlaugsson quit as prime minister.
Elsewhere, British prime minister David Cameron, also implicated in the mass document leak, is insisting he does not own any shares or have offshore funds.
It comes after it was revealed his late father was included in the list of clients of the Panama-based law firm Mossack Fonseca.
"I own no shares. I have a salary as prime minister, and I have some savings which I get some interest from, and I have a house which we used to live in, which we now let out while we're in Downing Street. And that's all I have. I have no shares, no offshore trusts, no offshore funds, nothing like that. And so that, I think, is a very clear description."
But British opposition Labour Party leader Jeremy Corbyn has called for an investigation into the claims in the leaked Panama documents.
"This week, the publication of the Panama Papers drives home what more and more people feel. Quite simply, it's this: There's one rule for the rich and one rule for everybody else. And it's, therefore, high time, high time, that we got tough on tax havens."
Pakistan's prime minister, Nawaz Sharif, is also facing serious questions over his wealth in the wake of the scandal.
The document leak has confirmed the Sharif family controls a vast land and property portfolio, both in Pakistan as well as overseas.
Speaking in the wake of the revelations, Mr Sharif has announced he will create a commission looking into the allegations.
He has also defended his family's business practices, describing the corruption claims as "old accusations."
(Translated) "While in power or out of the government, I, or any of my family members, never breached the trust placed in us, praise be to Allah. And we never linked power to business."
United States president Barack Obama says tax avoidance is a global problem his government is trying to end.
"It's not unique to other countries, because, frankly, there are folks here in America who are taking advantage of the same stuff. A lot of it's legal, but that's exactly the problem. It's not that they're breaking the laws, it's that the laws are so poorly designed that they allow people -- if they've got enough lawyers and enough accountants -- to wiggle out of responsibilities that ordinary citizens are having to abide by. Here in the United States, there are loopholes that only wealthy individuals and powerful corporations have access to. They have access to offshore accounts, and they are gaming the system."
The new head of football's world governing body, FIFA, has also been caught up in the scandal.
Gianni Infantino, formerly director of Europe's governing football authority UEFA, reportedly conducted offshore deals with two businessmen named in the papers.
Hugo and Mariano Jinkis bought television rights for UEFA Champions League football and immediately sold them on for almost three times the price.
They have been accused in the Panama Papers of bribery.
Mr Infantino allegedly signed off on the 2006 contract when he was a UEFA director.
He has released a statement denying the allegations.
