Iceland's Prime Minister has resigned after being implicated in the Panama Leaks Scandal.

Sigmundur Gunnlaugsson had come under increasing pressure after documents showed he and his wife were involved in an offshore company which held Icelandic bonds.

Massive protests ensued, with crowds gathering in Reykjavik calling for him to resign.

Meanwhile the Panamanian law firm at the centre of the massive leak is being asked to testify before the European Parliament on the revelations about offshore financial activity.

Dublin MEP Brian Hayes says Mossack Fonseca needs to appear before the Parliament's Tax Committee.

He says although more documentation is still to be published, legislators need to take quick action.

Brian Hayes says the company needs to clarify the off-shore schemes:

The British Prime Minister David Cameron insists he doesn't own any shares or have any offshore funds:

Earlier, Transparency International said that the Irish Government lacks the resources and the will to investigate tax evasion.

Some 300 Irish companies are named in the Panama Papers - which have exposed the widespread concealment of assets in offshore accounts and shell companies.

The Revenue Commissioners says it's always looking at offshore assets of Irish individuals and companies, and that the number of companies named in the Panama Papers is small enough to investigate.

Juliette Gash reports;
John Devitt, CEO of Transparency International says there's never been a political will in Ireland to investigate white collar crime.