Photo via La Nación.

Argentina’s Finance Minister Luis Caputo has been criticized for his involvement in Alto Global Fund and Noctua Partners LLC, businesses registered in the Cayman Islands whose activities were revealed in the release of the Paradise Papers. Caputo was the Argentine official mentioned in a trove of 13.4 million documents recently hacked and leaked to the International Consortium of Investigative Journalists (ICJ).

Through a press release, Cristina Kirchner’s party, Unidad Ciudadana, demanded that Caputo immediately resign. “The minister [of Finanance, Luis] Caputo neglected to inform the pertinent organizations and all Argetnines, that one of his principal activities was to administer black [shady] money and for this reason he should immediately leave his position,” the party collectively stated after learning Caputo was a director of businesses off shore.

The statement went on to assure that “at the very least, the management of societies and funds off shore involves minister Caputo in the crime of tax evasion. Nevertheless, these financial structures could have been used to launder funds from money laundering and global narco-trafficking,” argued Unidad Ciudadana.

According to Clarín, Caputo defended himself by arguing he divested himself from the businesses he was involved in before taking public office in December 2015.

Meanwhile, Vice President Gabriela Michetti came out to defend Caputo, but stated that the international financial system was not “transparent” and that “these things need to be corrected by the world.”

The ICIJ informed that, along with 95 media partners, it explored the 13.4 million leaked files from offshore service providers and company registries of tax havens. The German newspaper Süddeutsche Zeitung originally obtained the files. The papers include almost 7 million loan agreements, emails, financial statements, and 50 years of paperwork from Appleby, an offshore firm.

“As a whole, the Paradise Papers files expose offshore holdings of political leaders and their financiers as well as household-name companies that slash taxes through transactions conducted in secret. Financial deals of billionaires and celebrities are also revealed in the documents,” the ICIJ stated.

The controversy comes as Caputo accompanies President Mauricio Macri in New York for meetings with international investors.