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| Sigmundur David Gunnlaugsson |
The leak of millions of
records on offshore accounts claimed its first high-profile political casualty
Tuesday as Iceland's prime minister stepped aside amid outrage over revelations
he had used such a shell company to shelter large sums while Iceland's economy
was in crisis.
Icelandic leader Sigmundur
David Gunnlaugsson is the first major figure brought down by the publication of
the names of rich and powerful people linked to the leaks, dubbed the Panama
Papers.
China and Russia, meanwhile,
took the opposite approach, suppressing the news and rejecting any allegations
of impropriety by government officials named in the leak of more than 11
million financial documents from a Panamanian law firm. Officials in
Ukraine, Argentina and other countries are also facing questions about possibly
dubious offshore tax-avoidance schemes.
Culled from: Yahoo News
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