The paper claims that Deutche Bank, the biggest German bank had utilized, “more than 400 offshore companies up to 2007” while adding thet “many thousands of Germans used these Mossack Fonseca fronting companies”.

Deutsche Bank stated that “we totally acknowledge the importance of this problem and we have improved our client acceptance procedures as well as our system of verification of those we deal with”.

Other German Banks which seem to appear in the Panama Papers are Commerzbank, Dresdner Bank and BayernLB.

All the banks involved have assured that they have changed their policies and procedures while Commerzbank stated that it has “altered its way” in a “reliable manner” since 2008.

Beside the central banks, other regional and federal banks of Germany have used the services of the Panamanian law firm but Suddeutche Zeitung does not offer their names.

Siemens appears to be holding a prominent position in the leaked documents. The company had found itself amidst a huge bribery scandal in 2000.

The newspaper claims that moneys that had been deposited by Siemens employees in secret South American funds were never returned to the company. Approximately 3ml euro were transferred to private bank accounts in tax havens in Switzerland and the Bahamas.

Berlin is said to hope that the revelations of the Panama Papers will serve as a boost towards the fight against money laundering and tax evasion. The spokesman of the German Ministry of Finance stated that “We hope that today's discussion will contribute to the increase of the pressure.”