Image source, APTN

One of the Panama law firm's founders, Ramon Fonseca, has called the leak of papers pertaining to his clients and firm's activities "an attack on Panama".

"Certain countries don't like it that we are so competitive in attracting companies."

He says Panama's government has "zero tolerance" for any shady deals. He has also promised to "vigorously co-operate" with any legal investigations. France and Australia have announced investigations.

BBC Monitoring

The files of the Panamanian law firm Mossack Fonseca revealed the creation and foundation of offshore companies to Brazilian politicians and their families.

According to newspaper O Estado de S. Paulo, external, the political parties involved are the Democratic Labour Party (PDT), the Brazilian Democratic Movement Party (PMDB), the Progressive Party (PP), the Brazilian Socialist Party (PSB), the Brazilian Social Democracy Party (PSDB) and the Brazilian Labour Party (PTB).

The allegations stem from a leak of 11 million documents held by Mossack Fonseca to German newspaper Suddeutsche Zeitung, which were then shared with the International Consortium of Investigative Journalists.

Richard Brooks, a former tax inspector, says the UK has the power over British overseas territories and can effectively shut down these tax havens: "It's a very draconian step though, that's why you need a big coordinated effort to stop this."

BBC Monitoring

Italian weekly L'Espresso, external is one of the "reporting partners" working with the International Consortium of Investigative Journalists on the Panama Papers story.

Its website reports that around 1,000 Italians - including a number of high-profile figures - are allegedly among the clients named in the leaked Mossack Fonseca papers.

Image source, EPA

Authorities across the world are being spurred into action after 11 million documents were leaked from the secretive Panamanian law firm Mossack Fonseca, revealing how tax havens are used to hide wealth.

Here is how some countries have reacted:

• Austria's financial markets regulator says it is investigating whether two banks breached rules on money laundering after being named in the leaks;
• France's finance ministry says it is seeking the original documents in the leak for its own investigation;
• Australia's tax office says it is investigating 800 individuals named in the leaks.

Read more on the reaction here.

BBC Monitoring

Image source, Getty

The Argentine English-language newspaper Buenos Aires Herald, external reports that the country's President Mauricio Macri has been named in the Panama papers leak.

It carries an image of a "scanned copy of a document showing Mauricio Macri's alleged participation in the Panama-based Fleg Trading LDT company."

The Argentine government said President Mauricio Macri "never had, or has a participation in the capital of that society", referring to Fleg Trading Ltd., in which Mr Macri appears as a director, along his father Franco Macri and his brother Mariano Macri, Buenos Aires based-newspaper Clarin, external reported.

The allegations stem from a leak of 11 million documents held by the Panama-based company Mossack Fonseca to German newspaper Suddeutsche Zeitung, which were then shared with the International Consortium of Investigative Journalists.

Reuters has conducted one of its round robins asking economists what they think about the direction of UK interest rates. Change is expected, but only 25 basis points, and not until this time next year. If they're right that would take interest rates to 0.75%.

Image source, Getty Images

Ukraine's Petro Poroshenko denies he got up to anything rum on tax. He's named in the Panama papers: "I believe I might be the first top office official in Ukraine who treats declaring of assets, paying taxes and conflict of interest issues profoundly and seriously, in full compliance with the Ukrainian and international private law," he said on Facebook. 

He added: "Having become a President, I am not participating in management of my assets, having delegated this responsibility to the respective consulting and law firms."

"I expect that they will provide all necessary details to the Ukrainian and international media."

US shares are lower, as is the oil price. Talk of a new deal to curb oil production has fallen on deaf ears - investors don't believe oil exporters will get it together to work together. The Dow Jones is down 18.08 points at 17,774.67, the S&P 500 was down 1.55 points at 2,071.23 and the Nasdaq down 2.71 points at 4,911.83. US light crude is down 0.4% at $36.65 a barrel. London shares are up 17.36 points at 6,163.

The UK's export finance authority says it has referred the use of overseas agents by Europe's giant plane maker, Airbus, to the Serious Fraud Office (SFO). On Friday, Airbus said it had reported "certain inaccuracies" in applications for export credit guarantees to UK Export Finance, which is part of the Department for Business, Innovation and Skills. Airbus said it had nothing to add to Friday's disclosure.

Image source, Airbus

Over the years German Finance Minister Wolfgang Schaeuble has pushed for action over tax havens. His spokesman Martin Jaeger told the press:

Asked on Monday whether she could confirm that no family money was still invested in the funds mentioned in the Panama papers, Mr Cameron's spokeswoman said: "That is a private matter." The government says it will investigate the leaked data. Mr Cameron's father, Ian, is among the tens of thousands of rich and famous people named in a leak of documents from Panama-based Mossack Fonseca. There is no suggestion Cameron senior did anything illegal.    

BBC World Service

BBC World Have Your Say will answer your questions about the Panama Papers, live on BBC World Service radio from 16:00 GMT today. Among the guests will be journalists involved in the investigation and financial experts. 

Tweet us your questions using this link, external or message the programme on WhatsApp: +44 7730 751 925. 

Listen here to the show.

Some of the proceeds from the £26m Brink's-Mat gold bullion robbery near Heathrow airport in 1983 were transferred into a shell company set up by Panamanian law firm Mossack Fonseca, the leaked papers reveal.

The robbers melted down some of the stolen gold bullion and eventually turned that into cash, which they then moved offshore using a Panamanian company to buy property to launder the cash. 

The documents allege it was Mossack Fonseca that helped the robbers set up that offshore company. 

According to the leaked information, the law firm continued to help the Brink's-Mat robbers launder their cash even after it was informed that it was working with the proceeds of crime.

Image source, Getty Images

More reaction to the Panama papers, this time from Ukraine, where MPs have called on parliament to investigate allegations that President Petro Poroshenko (pictured) used an offshore firm to avoid tax.

Mr Poroshenko is accused of setting up an offshore company to move his confectionery business, Roshen, to the British Virgin Islands in August 2014 during clashes between Ukraine and pro-Russian separatists.

The president has not commented publicly and office said a law firm representing companies named in the leaks will make a statement later today. 

A senior official in the general prosecutor's office says the leaked documents do not show that Mr Poroshenko had committed any crime.

The Irish Times tweets:

The French government will seek access to the documents behind the Panama papers revelations, the finance ministry has said.

Finance minister Michel Sapin said once authorities had verified the information, they would review the taxes of the individuals concerned and impose any penalties, particularly for non-declared foreign bank accounts and shell companies.

Image source, Getty Images

Ben Jones, partner and tax expert at Eversheds, comments:

"It has historically been very difficult for tax authorities to identify and trace tax evasion through offshore holding structures. For many legitimate reasons, offshore jurisdictions often promote themselves on the strength of their secrecy and privacy protections. However, these protections can and have been abused.

"Of late, whistleblowers have provided a significant new weapon for the armoury of tax authorities across the world. However, whistle-blowing is not a reliable source of information on its own and so tax authorities around will the world will need to continue to look for new ways, such as beneficial ownership registers, to pierce the veil of secrecy created through offshore structures."