Panama Papers: Chinese Deny Allegations, Icelanders Demand Prime Minister's Resignation

Following the publication of the Panama Papers, investigations have been launched worldwide to potentially prosecute those who evaded taxes and laundered money through offshore companies, reports the Patria News Agency.

The Panama Papers have shed light on the financial dealings of high-profile politicians and public figures, companies, and financial institutions used for such activities.

Among those mentioned in the documents are friends and relatives of high-ranking leaders, such as Russian President Vladimir Putin, British Prime Minister David Cameron, and Icelandic Prime Minister David Sigmundur Gunlaugsson.

Leaders have responded to the allegations in the incriminating documents by stating they have done nothing illegal. At the same time, state prosecutors have launched investigations based on the data from the documents published on the website of the International Consortium of Investigative Journalists, Reuters reports.

Shortly after the data was released, Chinese authorities restricted media access to the topic, and state media rejected allegations that Chinese leaders were also involved in illegal financial activities. They report that Western media are publishing this data in a biased manner to the detriment of non-Western leaders.

Among the countries that have initiated investigations based on the Panama Papers are New Zealand, Austria, Sweden, and the Netherlands.

Thousands of Icelanders protested in Reykjavik on Monday evening, demanding the resignation of Prime Minister David Sigmundur Gunlaugsson for hiding assets in tax havens, as revealed in the Panama Papers scandal.

According to the documents revealed by the International Consortium of Investigative Journalists, Gunlaugsson (41) founded a company in the British Virgin Islands in 2007 with his wife, where he hid millions of dollars, and in 2009, he transferred his shares to her for one dollar.

When he first became a member of parliament in April 2009, he did not mention this in his asset declaration, although he was legally obliged to do so. The police claim that more people gathered than in 2009 when major political failures in bank supervision were revealed, leading to the government's resignation.

Gunlaugsson denies evading taxes and refuses to resign. Responding to questions from MPs, he stated that he did not disclose all his assets to avoid turning his wife's assets into a political issue.

The opposition has called for a vote of no confidence in the government, but it is not yet known when it will take place, Hina writes.