With Panama papers leak, several countries including Singapore have launched probes to identify any wrongdoings made utilizing offshore organization structures.

According to a joint statement by the Ministry of Finance and the Monetary Authority of Singapore, "If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm action." Concerned offices are evaluating spilled data and conducting checks.

The “Panama papers” include the names of high-profile politicians and public figures as well as the companies and the financial institutions they used for the financial arrangements. Some of them named in the documents are relatives of the leaders of Iceland, Pakistan, China, Britain, and the Ukraine President; and friends of Russian President Vladimir Putin.

Both financial institutions and leading figures denied any illegal activities, responding to the massive leak of more than 11.5 million documents. US-based International Consortium of Investigative Journalists (ICIJ) and other media organizations have put the reports out, which are being reviewed by prosecutors and regulators.

As per the national broadcaster RUV, mass protests led to the resignation of the Iceland's Prime Minister Sigmundur David Gunnlaugsson following the leak. Thus, he becomes the first casualty of the Panama papers leak.

Also read: Iceland Prime Minister, first victim of Panama Papers leak

China avoided the media coverage into the matter. Some countries like France, Sweden, Australia, New Zealand, and the Netherlands started probes in the matter.

Also Read: Panama tax evasion, Amitabh breaks silence

Divya