Panama moves to boost transparency amid documents leak

Panamanian authorities raided a property used by Mossack Fonseca, the law firm whose leaked documents led to the 'Panama Papers' revelations.

"We have secured a large amount of evidence found in the location," said organized crime investigator Javier Caraballo, adding that some of the evidence was in the form of shredded documents.

The Panama Papers leaks have embarrassed several world leaders and shone a spotlight on the shadowy world of offshore companies.

Mossack Fonseca, which specializes in setting up offshore companies, has said it broke no laws, destroyed no documents and all its operations were legal.

David Cameron has said his Tory government has been an "absolute leader" in tackling tax avoidance.

ITV News political editor Robert Peston is watching the Prime Minister speak to students in Exeter:

The newspaper in Germany which first got hold of the leaked 'Panama Papers' has said it will not make all the files public as it would not be in the public interest.

Sueddeutsche Zeitung was sent the documents - a huge collection of data relating to offshore companies - more than a year ago from an anonymous source.

Leading politicians, celebrities and business chiefs have been named in media reports since, prompting public protests, investigations and the resignation of Iceland's prime minister.

The complete set of 11.5 million documents "won't be made available to the public or to law enforcement agencies", the paper said, adding: "That's because the SZ isn't the extended arm of prosecutors or the tax investigators."

Iceland's ruling party has appointed a new Prime Minister after the previous incumbent stepped aside amid the Panama Papers leak scandal.

The Progressive Party selected fisheries and agriculture minister Sigurdur Ingi Johannsson to lead until new elections are held in the autumn.

Opposition parties agreed with the ruling coalition that the elections should be brought forward following the resignation of previous Prime Minister Sigmundur David Gunnlaugsson.

Gunnlaugsson stepped down after the leak of documents from a company in Panama, dubbed the 'Panama Papers', showed his wife owned a firm with links to the island's collapsed banks, sparking protests across the country.

Recent polls show the opposition Pirate Party, led by Birgitta Jonsdottir, is in the lead.

Panama's president has said his government will establish an independent panel of experts to review the country's financial practices, in the wake of the Panama Paper leaks.

Juan Carlos Varela's comments come amid the fallout from the leaked emails of Panama-based law firm Mossack Fonseca that have exposed tax avoidance measures by wealthy individuals and embarrassed a number of world leaders.