As more information comes to light in the massive global data breach known as the Panama Papers, South Africans who evade taxes using offshore accounts may get a chance to come clean and pay what they owe at a discounted rate through a proposed voluntary disclosure program, EyewitnessNews reported.

Information from Panamanian law firm Mossack Fonseca, leaked in the form of 11.5 million documents to media around the world, revealed how world leaders, businesses and celebrities globally have been associated with money hidden in tax shelters through the firm.

The Panama Papers highlight the extent of shady offshore dealings that have robbed many countries of billions of dollars in taxes, according to VOANews.

The highest-ranking casualty of the leaked Panama Papers, Iceland’s Prime Minister Sigmundur Gunnlaugsson, resigned Tuesday. He is suspected of concealing millions of dollars’ worth of family assets, BBC reported.

A special voluntary disclosure program was proposed during this year’s budget presentation in South Africa. If adopted by Parliament, it will give people an opportunity to come forward and pay taxes at a reduced rate, according to Ismail Momoniat, deputy director general of tax and financial policy at the South African National Treasury.

South African Finance Pravin Gordhan said the Treasury welcomes the release of such information, eNCA reported.

Holding funds in an offshore bank is not illegal as long as the authorities have approved it and the required disclosures have been made, Gordhan said.

Khulubuse Zuma, the nephew of President Jacob Zuma, was associated with a company registered offshore, News24 reported. Khulubuse’s name was linked to Caprikat,a  company that secured a $6.6 billion US oil deal in the Democratic Republic of Congo, JacarandaFM reported.

“Khulubuse does not, and has never held any offshore bank account,” his spokesman said.

Businessman Fana Hlongwane, was also named in the leaks as having links to a controversial arms deal.

“The Treasury welcomes the release of such information which … provides the basis for authorities to act against those who illegally move funds out of South Africa,” the ministry said. “The world is systemically narrowing the scope for those who want to hide their offshore assets and avoid paying their taxes.”

The South African Revenue Service, Financial Intelligence Centre and the Reserve Bank will investigate South Africans who may be linked to offshore bank accounts, Gordhan said.

“The Minister would like encourage those that may be affected to use the (voluntary disclosure program) opportunity and ensure their tax and exchange control affairs are in order,” the Treasury said.

Penalties include being forced to pay taxes, forfeiture of funds and criminal prosecution, the treasury said.