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Iceland prime minister resigns over Panama Papers revelations

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The prime minister of Iceland has resigned over the Panama Papers leaks which have shed an embarrassing spotlight on the world of offshore finance.

The leaks, from Panama law firm Mossack Fonseca, showed PM Sigmundur Gunnlaugsson owned an offshore company, Wintris, with his wife, the BBC reported on Tuesday.

Gunnlaugsson was accused of concealing millions of dollars worth of family assets.

The agriculture and fisheries minister, Sigurður Ingi Jóhannsson, told state broadcaster RUV that Gunnlaugsson had resigned. 

Local media said the move needed approval of both the rightwing Independence party and the president, Ólafur Ragnar Grímsson, before it could be official.

Reports said Gunnlaugsson would stay on as chairperson of his Progressive party, and Jóhannsson would take his place as prime minister.