Iceland’s Prime Minister Sigmundur David Gunnlaugsson resigned Tuesday, becoming the first ‘victim’ of the global money laundering scandal known as ‘Panama Papers’. In a dramatic development from Reykjavik, Sigmundur David Gunnlaugsson, who was implicated in the huge ‘Panama Papers’ leaked documents of offshore companies laundering billions of cash for many people, first tried to hang on to his position by calling for the dissolution of the Icelandic parliament despite huge public pressure and large protests against him, but after Iceland’s President refused to accept his request, Gunnlaugsson stepped down as PM. He will remain at the helm of the Progressive Party, while the Prime Ministerial position will be covered by the current Minister for Fisheries and Agriculture, Sigurdur Ingi Johansson.