Panama papers: Iceland PM Sigmundur Gunnlaugsson resigned

Iceland Prime Minister Sigmundur Gunnlaugsson has resigned, becoming the first major casualty of the leaked Panama Papers exposing offshore finance and tax evasion. The leaks, from Panama-based law firm Mossack Fonseca, showed Gunnlaugsson owned an offshore company with his wife but had not declared it when he entered parliament. He is accused of concealing millions of dollars' worth of family assets. 

Mr Gunnlaugsson says he sold his shares to his wife, and denies any wrongdoing. He is one



of dozens of high-profile global figures mentioned in the 11.5 million leaked financial and legal records, which were first published on Sunday. Pressure on Mr Gunnlaugsson to quit had been building since then, with thousands of people protesting outside the parliament building in the capital Reykjavik on Monday and opposition parties tabling a confidence motion. Earlier yesterday, the Prime Minister had asked President Olafur Ragnar Grimsson to dissolve parliament and call an early election.