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Investigators raid Panama Papers law firm property

Leaked data from Mossack Fonseca led to the Panama Papers revelations Credit: PA

Panamanian authorities raided a property used by Mossack Fonseca, the law firm whose leaked documents led to the 'Panama Papers' revelations.

"We have secured a large amount of evidence found in the location," said organized crime investigator Javier Caraballo, adding that some of the evidence was in the form of shredded documents.

The Panama Papers leaks have embarrassed several world leaders and shone a spotlight on the shadowy world of offshore companies.

Mossack Fonseca, which specializes in setting up offshore companies, has said it broke no laws, destroyed no documents and all its operations were legal.

PM's 'morally repugnant' handling of finances under fire in poll

Credit: Gareth Fuller/PA

A new poll suggests 44% of people think that Prime Minister David Cameron's handling of his finances has been "morally repugnant".

According to the ComRes poll for The Independent and Sunday Mirror 52% of those asked also believed Cameron has not been "honest and open" about his financial affairs.

The poll of 2,036 adults who were interviewed online on April 13 and 14 2016 follows the unprecedented step taken by the Prime Minister to publish details of his tax returns in the wake of the Panama Papers data leak.

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PM and Corbyn exchange blows over tax affairs

The prime minister traded blows with Jeremy Corbyn over tax affairs in the first PMQs since the Panama papers leak.

The Prime Minister drew attention to the Labour leader's 2014-15 tax return which did not contain details of his pension income and which was the subject of a £100 fine for being submitted late.

Mr Cameron said: "I thought your tax return was a metaphor for Labour policy - it was late, it was chaotic, it was inaccurate, it was uncosted."

Mr Corbyn hit back: "I'm grateful to the Prime Minister for drawing attention to my own tax return, warts and all.

"The warts being my handwriting, all being my generous donation to HMRC - I actually paid more tax than some companies owned by people that you might know quite well."

Lord Hague: 'Voters can't expect all MPs to be perfect'

Voters can't expect all politicians to be Credit: PA

Voters should not expect all politicians to be "perfect" or "normal", according to former Tory MP William Hague.

Lord Hague said an "age of greater transparency" would require more and more openness by public figures and that politics would be diminished if all were found to be squeaky clean.

Speaking to BBC Radio 4 Today, he warned that Parliament would be "very one dimensional" if all politicians came through the public sector with no questions of business ownership or dividends.

The 55-year-old former Conservative leader's comments came after Chancellor George Osborne and Labour leader Jeremy Corbyn became the latest people to publish their tax returns on Monday.

He added that Winston Churchill's tax affairs "would have been more difficult to defend in public than Prime Minister David Cameron's".

European Commission plans to make companies reveal tax haven activities

Originally the plan was for big companies to reveal how much tax they pay and where. Credit: PA

The European Commission will respond to the Panama Papers leaks on Tuesday by amending proposed new rules on tax havens.

Under the latest proposals, companies will be forced to disclose their activities in so-called tax havens.

Originally the plan was for big companies to reveal how much tax they pay and where.

Multinationals would disclose how much they paid in each EU state, with the rest of the world treated as a single item.

However the newest proposals have failed to convince everybody, with some campaigners describing them as toothless, owing to the lack of a common view between EU states as to what constitutes a tax haven.

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