Failing to overcome the mounting flak, Iceland Prime Minister Sigmundur David succumbed to panama paper revelation. Media reported that the tainted PM officially announced his resignation on last day. He was the initial victim of the global illicit-money-scandal, which was unearthed by a group of investigative journalist. Recently, an investigative organisation, ICIJ, exposed tax heaven of the world elite. As per report, Mossack Fonseca, Panamanian finance consultancy and legal firm, had helped the elites to create offshore companies to hide illicit wealth. So far, nearly one hundred and forty renowned political leaders were implicated in the leaked document. It is learned that Panama, a Central American country, is currently not under the global financial radar as it refused to ink a pact with the global transparency initiative. So, it makes it convenient for the tax evaders to opt this nation to hide their wealth, says expert. International agencies reported that France, Australia, Austria, Sweden, UK, and Netherlands have already announced a probe into the issue. As per reports, French authorities are likely to mark Panama in the list of uncooperative tax region. Meanwhile, Chinese official Medias denounced the news and called it an extremely biased report. And, they accused that the report tactically omitted prominent western politicians. Anyway, the investigative agencies have identified nearly two lakh Illegal offshore companies. At the same time, US president demanded that the US congress should take appropriate steps to seal the loopholes. Meanwhile, UK’s opposition strongly criticized the ruling government and suggested that this is the high time to wipe out the unfair tax practices. Currently, Russian President Vladimir Putin, Chinese Supremo, Pakistan Prime Minister Nawaz Sharif and Ukraine President are facing the heat of the unexpected revelation. Experts predict that more big names can be expected in coming days.
Photo Courtesy : Google/ images are subject to copyright