The Prime Minister of Iceland, Sigmundur Gunnlaugsson, announced his resignation from public office moments ago, according to the BBC. This marks the first major political fallout from the Panama Papers leak which is considered to be the largest data leak in history.

Massive protests in Iceland's capital over revelations of the Panama Papers

On Monday the International Consortium of Investigative Journalists (ICIJ), along with journalists across the world, exposed how the wealthy and political elite have been concealing their money in shell companies using the law firm Mossack Fonseca in Panama.

The revelations coming from this reporting have touched every quarter of the world implicating prominent leaders including the son of former UN Secretary General Kofi Annan, Nigeria’s Senate President Bukola Saraki, and numerous others.

Mr. Gunnlaugsson is accused of concealing millions of dollars of his family’s assets. His resignation comes after a major showing of protesters in the Iceland capital Reykjavik.

According to the BBC, the Agriculture and Fisheries Minister Sigurður Ingi Jóhannsson is believed to be the next Prime Minister. Mr. Jóhannsson announced on state television RUV that Mr. Gunnlaugsson had resigned.

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