The Panama Papers scandal continued to reverberate around world as impact of the revelations rumbled into their second week, still dominating headlines amid disclosures of involvement by banks, politicians and the wealthy. A number of calls were made for fresh regulation on the offshore sector.

In the latest developments, the European Union has warned of potential sanctions on Panama and other tax havens if they do not fully fight money laundering and tax evasion. Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, Taxation and Customers, criticised jurisdictions like Panama that allowed the creation of secretive and low-tax offshore accounts.

The amounts of money, the jurisdictions and the names associated with this affair “are frankly shocking," he said, urging Panama and others to "rethink” their position. Otherwise, the EU has to "be ready to hit them with appropriate sanctions if they refuse to change".

In Germany, German Finance Minister Wolfgang Schaeuble proposed sharing national lists naming the beneficiaries of shell companies.  He disclosed a 10-point plan seeking to clamp down on tax havens.

Mr Schaeuble said that if corporate registers listing the owners of firms were shared internationally, it would be possible to find all the people hiding behind offshore companies. If a country refused to share data on who controls companies, "they could be put on a so-called black list".

Switzerland is stepping up scrutiny of its banks in response to the Panama Papers. Thomas Bauer, president of Swiss financial watchdog FINMA said the regulator wanted to know which banks have used the services of the Panamanian firm and whether Swiss laws were broken.

FINMA said it had already contacted Swiss financial institutions as part of its inquiry, he said.

In London, the FCA has written to banks and other financial institutions in the UK directing them to disclose any ties to Mossack Fonseca, the Panama law company at the centre of the affair.

New Zealand\'s government said it would begin a review of its foreign trust laws after the Panama showed vulnerabilities in its legal framework that made it a possible link in international tax avoidance structures.

The disclosures showed how offshore companies often tout New Zealand trusts as a secretive way to create a non-taxed vehicle in the South Pacific nation. The review would focus on disclosure rules for foreign trusts, including the way information was recorded and exchanges of information with other tax jurisdictions, ministers said.

In banking developments, French police have searched Societe Generale\'s Paris headquarters as part of an investigation into offshore accounts disclosed in the Panama affair.

According to the Journal du Dimanche newspaper, the searches were ordered to try to identify holders of offshore companies set up by the bank via Panamanian law firm Mossack Fonseca.

Societe Generale has allegedly been the most prolific creators of offshore shell companies via Mossack Fonseca, with 979 to its name.

But the bank said: "As of today, the number of active structures created via the firm Mossack Fonseca for clients amounts to a few dozen."

Meanwhile, two senior European bankers have resigned in the wake of the scandal. ABN Amro announced the resignation of supervisory board member, Bert Meerstadt, after his name appeared in the leaked records as a shareholder in a British Virgin Island company in 2001.

In Austria, the chief executive Michael Grahammer of regional bank Vorarlberger last week stepped down in response to links in the documents to offshore companies associated with a Russian billionaire.

Bank of Ireland has declined to comment on the leaked documents that suggest its private bank in London used a British Virgin Island registered company as part security for a mortgage provided for former Fine Gael strategist Frank Flannery in London in the 1990s.

Mr Flannery said he has no knowledge of the company or why it would have been used in that way.