BANGKOK -- The Panama Papers jolt is spreading to the emerging world. The list of people suspected of using offshore shell companies to squirrel away money is getting longer by the day. Argentine President Mauricio Macri and Pakistani Prime Minister Nawaz Sharif as well as their family members are reportedly mentioned in the terabytes of data that were leaked out of the Central American country and began making news last week.

The names of opposition politicians and business tycoons are also surfacing. Authorities in emerging countries have begun to look into the matter.

On Friday, Thailand's Anti-Money Laundering Office said it had identified the 16 Thais whose names appear in the documents, which come from the Panamanian law firm Mossack Fonseca. The office said it is now cooperating with Panamanian authorities.

Most of the Thai names have not been published because shell companies are not illegal, though they can hide illegal activity and undeclared income.

A Thai newspaper, however, has named a chief executive officer of a bank as being mentioned in the papers.

In emerging countries, where inequality is high and wealth tends to be concentrated in certain political and business circles, allegations of offshore chicanery can quickly lead to political confrontations.

Those whose names have surfaced are desperate to clear themselves. In Argentina, authorities are investigating Macri, a former businessman who used to be involved in the management of a major corporation, on suspicion of avoiding taxes by hiding money in shell companies registered in the Bahamas and Panama. The president at a press conference on Thursday said he has acted in accordance with the law and has nothing to hide.

Sharif under fire

The Panama Papers also mention 200 names from Pakistan, including the prime minister and his family members. According to reports, Sharif and his sons have set up at least four shell companies in the British Virgin Islands through which they own properties in London. Following the reports, Information Minister Pervaiz Rashid said the prime minister does not own any overseas property and that the sons have established their businesses legally and duly paid taxes.

The prime minister said he would launch an investigation panel.

According to the papers, two Azerbaijani lawyers suggested in an email to the Panamanian law firm that President Ilham Aliyev's children be named as beneficiaries of a foundation set up by a major business conglomerate. The foundation owns a majority stake in the conglomerate through Panamanian and British companies. Also, it was revealed that the president's daughter, along with others, acquired interests in a gold mine, the development of which the Azerbaijan government approved in 2006, through a Panamanian company.

Malaysians are also being outed. Nazifuddin Najib, a son of Prime Minister Najib Razak, is reported to have used two companies in the Virgin Islands. Reporting on the issue has been limited. Malaysian news organizations, which are under strict government control, have only said the son has denied wrongdoing.

In contrast, Indonesian media have been running with stories that some 800 people in the country are named in the Panama Papers. The list includes company officials but no major politicians. The government's Corruption Eradication Commission plans to launch an investigation.

A tycoon from Indofood Sukses Makmur, a major conglomerate, has denied involvement.

Faced with dwindling tax revenues, Indonesia's government is mulling a leniency program for people who hold undeclared assets out of the country. By coming forward, anyone holding undeclared overseas assets would be eligible for reduced punitive taxes or even exemptions.

From India, there are 500 names, including those of famous actors, who suddenly find themselves at the center of a hot debate. The government said it will look into the matter, but opposition politicians are demanding that Prime Minister Narendra Modi stay clear of the investigation since, they say, cricket players whose names have surfaced are close to ruling party officials.

From Brazil, the papers mention politicians from seven parties, including the Brazilian Democratic Movement Party, which withdrew from the ruling coalition at the end of March. No member of President Dilma Rousseff's ruling Workers' Party is mentioned. Tax authorities plan to slap a fine on anyone who is found to have undeclared assets.