Police raid offices of law firm linked to Panama Papers leak

An organised crime unit was involved in the raid at Mossack Fonseca

Panama Papers, European Parliament, Mossack Fonseca, testify, leaked documents, Brian Hayes

The entrance of the regional head office of Panama-based law firm Mossack Fonseca in Hong Kong | Image: Vincent Yu / AP/Press Association Images

Police have raided the Panamanian law firm whose leaked papers revealed how the world's wealthy and powerful used offshore companies to stash assets.

An organised crime unit was involved in the raid at Mossack Fonseca.

The findings from the Panama Papers have had repercussions around the world - including the resignation of Iceland's prime minister.

The leaked documents are said to show Sigmundur David Gunnlaugsson and his wife owned a firm in the British Virgin Islands which held €3.4m of investments in Iceland's collapsed banks.

The leaked documents detail offshore holdings of 140 politicians and public officials from around the world.

Some 300 Irish companies are named in the documents.

More than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories.

According to the International Consortium of Investigative Journalists (ICIJ), the files expose offshore companies controlled by the prime ministers of Iceland and Pakistan, the king of Saudi Arabia and the children of the president of Azerbaijan.

It is also claimed they include at least 33 people and companies blacklisted by the US government because of evidence they had been involved in wrongdoing.

Meanwhile an admission by British Prime Minister David Cameron that he owned, sold and made a profit on shares held in a controversial fund before he became British prime minister has prompted a Labour MP there to call for him to resign.

John Mann - who has been a high-profile campaigner for more tax transparency - suggested Mr Cameron "has no choice but to resign" and called him a "hypocrite".

And Labour's deputy leader Tom Watson said the British PM may need to quit and has more questions to answer.