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Iceland leader quits over Panama Papers

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Iceland's leader quit on Tuesday because of a financial scandal. Sigmundur Gunnlaugsson quit because of documents leaked from a Panama law firm. Over 11.5 million leaked e-mails and letters contain information about how the world's rich and powerful people avoid paying tax. The documents name over 215,000 companies and 14,000 clients of the law firm Mossack Fonseca. They include many present and past world leaders.

Many governments and celebrities are now worried about the scandal. The new FIFA president is shocked that people are questioning his honesty. Journalists say also Mossack Fonseca worked with 33 people or companies that were part of international sanctions. These include a cousin of Syria's president, and companies in North Korea. There is up to $32 trillion in untaxed money around the world.