Panama Papers: Leaks spur global investigations

Authorities across the world are being spurred into action after a huge leak of confidential documents revealed how tax havens are used to hide wealth.

Eleven million documents were leaked from the secretive Panamanian law firm Mossack Fonseca.

They show how the company has helped some clients launder money, dodge sanctions and avoid tax.

The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

Since the first revelations late on Sunday a number of investigations have been launched by Austrian, Dutch and Australian authorities, among others.

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The documents feature 12 current or former heads of state, and at least 60 people linked to current or former world leaders.

The files reveal a suspected billion-dollar money laundering ring involving close associates of Russia's President Vladimir Putin.

Image copyrightAlamy

Image captionCellist Sergei Roldugin (l), a close friend of Vladimir Putin, owns two offshore companies

Iceland's Prime Minister, Sigmundur David Gunnlaugsson, is also shown to have had an undeclared interest linked to his wife's wealth.

By Monday morning, 16,000 people in Iceland had signed a petition demanding his resignation, and a large protest was expected in Reykjavik later.

Mr Gunnlaugsson has ruled out stepping down.

The leaked documents also show that Ian Cameron, the late father of UK Prime Minister David Cameron, was a Mossack Fonseca client.

Also mentioned are the brother-in-law of China's President Xi Jinping; Ukraine's President Petro Poroshenko; and Argentina's President Mauricio Macri.