News leaks

Bilyan Balev, the co-chair of the Bulgarian Development Bank, has become the first "politically exposed person" from Bulgarian who se name is revealed in the Panama Papers affair.

The Bulgarian Development Bank is almost exclusively owned by the Republic of Bulgaria and is overseen by the country's Finance Ministry.

Financial prosecutors have started sending requests to judicial authorities in Panama, seeking the full details of Greek shareholders in or managers of offshore companies included in the Panama Papers, a leaked list of confidential documents compiled by Panamanian law firm Mossack Fonseca.

The International Monetary Fund and the World Bank said on April 19 they are joining forces with other international organizations to cooperate on tax issues and develop new tools and standards to halt tax base erosion and evasion.

Spain's industry minister resigned April 15 after he was named in the Panama Papers and other media revelations that claimed he had links to offshore firms, the latest political victim from the global scandal.

Pakistan's Nawaz Sharif was put up for sale on eBay with bids soaring to more than $90,000 on April 14 after an anonymous user gave vent to frustrations with the prime minister over the Panama Papers leak.

"Useless Pakistani Pm Nawaz Sharif for Sale" stated the post by long-time user mastavis on the popular e-commerce website, describing the leader as "new with defects".    

Police on April 12 raided the headquarters of the Panama law firm whose leaked documents have unleashed a global scandal over how the world's elite use offshore companies to hide their wealth.

The European  Commission proposed on Tuesday to introduce public reporting requirements for the largest companies operating in the EU and in tax havens in a bid to boost tax transparency.

The proposal aims to ensure that multinationals publish each year a report disclosing the profit and the tax accrued and paid in each member state on a country-by-country basis.

A Bulgarian MP has proposed to announce a tax amnesty scheme for the country's nationals holding funds in bank accounts in offshore jurisdictions following revelations in Panama Papers leaks.

Nearly a third of the business of the law firm at the center of the Panama Papers scandal came from its offices in Hong Kong and China, reports said April 7, with the Asian giant assailed by corruption and capital flight.

A budget and finance committee in Parliament has approved restrictions to the share which an offshore entity can own of a Bulgarian company.

If the amendments are approved, offshore entities will only be able to own up to 10% of a Bulgarian company.