Iceland prime minister resigns following Panama Papers scandal

Icelandic Prime Minister Sigmundur Davíð Gunnlaugsson resigned on Tuesday after being named in the massive Panama Papers leak, which revealed he and dozens of other world leaders harbored money in secret offshore accounts. After the papers from the Panamanian law firm, Mossack Fonseca, were leaked over the weekend, Iceland was rocked by protests calling for Gunnlaugsson to resign. Gunnlaugsson he will remain the Progressive Party's chairman.

According to The Guardian and local media, Gunnlaugsson's resignation needs to be approved by both the right-wing Independence party and the president, Ólafur Ragnar Grímsson, before it can be deemed official.

Among the 143 politicians found to be using offshore tax havens, 12 are current or former national leaders, or are their family members or associates. Russian President Vladimir Putin and Syrian President Bashar al-Assad were among other major leaders named in the docments.

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