Russian President, Vladimir Putin, has denied “any element of corruption” over the Panama Papers leaks.
His disclaimer followed the leak of millions of documents from a Panama based law firm – Mossack Fonseca, showing how it helped some clients evade tax and avoid sanctions.
Reacting to the allegation, the Russian President said that his opponents were trying to destabilise Russia.
The papers purportedly revealed a number of offshore companies owned by close associates of the Russian President, alleging that the companies may have been used for money laundering.
Meanwhile, President of Panama, Juan Carlos Varela, said that he would create an international panel to help improve transparency in its offshore financial industry.
BBC says several countries are investigating possible financial crimes by the rich and powerful in the outcome of the leak.
President Varela also promised to work with other countries over the revelations.
