First Victim of Panama Papers: Iceland Leader to Resign

A member of the Icelandic government says embattled Prime Minister Sigmundur David Gunnlaugsson will resign amid the controversy over his offshore holdings. Agriculture Minister Sigurdur Ingi Johannsson told Icelandic broadcaster RUV that Gunnlaugsson was stepping down as leader of the country's coalition government. Opposition lawmakers say Gunnlaugsson's offshore holdings amounted to a major conflict of interest with his job. Gunnlaugsson is the first major scalp from a leak of more than 11 million documents from a Panamanian law firm showing tax-avoidance arrangements of the rich and famous around the world. (More Panama Papers stories.)