(VOVworld) – European countries announced on Tuesday that they will launch probes into the “Panama Papers”, the massive document leak released a day earlier. Millions of confidential documents were leaked from the Panamanian law firm Mossack Fonseca, which allegedly showed how it has helped the world’s rich and powerful avoid tax or launder money.

(Photo: Reuters)

German left-wing politician Sahra Wagenknecht demanded the parliament set up a committee in charge of investigating tax fraud and punishing banks lending a hand to tax fraud. The Süddeutsche Zeitung (South German Newspaper) reported on Tuesday that millions of Germans and at least 28 German banks will undergo investigation for alleged links with Mossack Fonseca.

Financial prosecutors in France announced the opening of a preliminary investigation into aggravated tax fraud. France’s Finance Ministry said French government would look at the documents behind the revelations

Spain, Switzerland, Austria, Norway, Sweden, Ukraine, Australia, and Costa Rica also said they would investigate individuals, businesses, and banks who were listed in the “Panama Papers” for financial fraud.