The resignation of the prime minister of Iceland was the first prominent political fallout from the document leaks known as the Panama Papers, which have shed a harsh light on the private financial activities of many rich and powerful people. Officials around the world scrambled to contain the damage, particularly in Britain, where Prime Minister David Cameron, who has portrayed himself as a champion of financial transparency, was battling revelations that members of his family have hidden wealth in Panama, like many others.

The politicians, celebrities and sports figures identified in the leaks included associates of President Vladimir Putin, President Petro Poroshenko of Ukraine, Pakistani Prime Minister Nawaz Sharif, present and former members of China’s ruling politburo, relatives of Syrian President Bashar al-Assad, and Fifa.

The leaked documents also revealed that our own Minister of Energy and Health, Konrad Mizzi, had set up a company in 2013 in Panama on the advice of Keith Schembri, the Prime Minister’s aide. While there was no suggestion of illegal activity, unfortunately for the hard-working Mizzi, this offshore fund was a huge mistake that will cost him his political career. In a further embarrassment to Mizzi, who was pronounced Labour deputy leader by acclamation, the Panama Papers revealed that both he and Schembri tried to open an account in Dubai and Panama without success.

So far, Prime Minister Joseph Muscat has defended both Mizzi and Schembri with all his might. Holding money offshore would not be illegal, provided the interest earned is declared to the authorities, yet, despite looking ‘relaxed’ about calls for him to resign, Mizzi has not done so.

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