Panama Papers: call for offshore tax reform after data revelations

Reverberations from the Panama Papers were felt worldwide on Monday, with political leaders named in the disclosures angrily denying any wrongdoing while other governments launched official inquiries amid growing demands for reform of the whole offshore tax system.

Revelations about the wealth amassed by Vladimir Putin’s inner circle prompted strong denials from the Kremlin. His spokesman, Dmitry Peskov, claimed the president was the victim of “Putinphobia”.

The rebuke came as the Guardian, in the biggest-ever leak of documents, reported on secret offshore deals and vast loans worth $2bn involving Putin’s inner circle.

Among other political leaders having to deal with the fallout are those from Ukraine, Pakistan and Iceland.

Ukraine’s president, Petro Poroshenko, in a statement issued to Facebook, denied any wrongdoing. He did not deny the existence of three offshore accounts, but suggested they had been set up on becoming leader to avoid a conflict of interest.


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