The Panama Papers exposed a link between an American oil company's oil concessions and several powerful politicians in Angola.[440] According to the leaked documents approximately fifteen shell companies funneled money through UBS bank accounts to elites in Portugal with direct ties to Helder Bataglia dos Santos of Escom, which describes itself as one of the largest investors in Angola and the Democratic Republic of Congo.[440] The account of one company, Markwell Inc, received and sent on over $12 million in 2008 and 2009.[440]
The city has both public and private schools. Most of the private schools are at least bilingual. Higher education is headed by the two major public universities: the University of Panama and the Technological University of Panama. There are private universities, such as the Universidad Católica Santa María La Antigua, the Universidad Latina de Panama, the Universidad Latinoamericana de Ciencia y Tecnología (ULACIT), the Distance and Open University of Panama (UNADP), Universidad del Istmo Panama, the Universidad Maritima Internacional de Panama, and the Universidad Especializada de las Americas. Also, there are Panama Branches of the Nova Southeastern University (its main campus is in Ft. Lauderdale in Broward County, Florida); the University of Oklahoma; the Central Texas University; the University of Louisville which runs a sister campus in the city,[36] and the Florida State University, which operates a broad curriculum program[37] in an academic and technological park known as Ciudad del Saber.
The leaked documents indicate that about US$2 trillion has passed through the firm's hands.[110] Several of the holding companies that appear in the documents did business with sanctioned entities, such as arms merchants and relatives of dictators, while the sanctions were in place. The firm provided services to a Seychelles company named Pangates International, which the US government believes supplied aviation fuel to the Syrian government during the current civil war, and continued to handle its paperwork and certify it as a company in good standing, despite sanctions, until August 2015.[101]

Mossack Fonseca also ran six businesses for Rami Makhlouf, cousin of Syrian president Bashar al-Assad, despite US sanctions against him.[101] Internal Mossack Fonseca documents show that in 2011 Mossack Fonseca rejected a recommendation by their own compliance team to sever ties to Mr. Makhlouf. They agreed to do so only months later. The firm has said it never knowingly allowed anyone connected with rogue regimes to use its companies.[99]
The definite origin of the name Panama is unknown. There are several theories. One states that the country was named after a commonly found species of tree (Sterculia apetala, the Panama tree). Another states that the first settlers arrived in Panama in August, when butterflies are abundant, and that the name means "many butterflies" in one or several of indigenous Amerindian languages that were spoken in the territory prior to Spanish colonization. The most scientifically corroborated theory by Panamanian linguists, states that the word is a hispanicization of Kuna language word "bannaba" which means "distant" or "far away".[14]
Former Secretary of State and 2016 Democratic presidential candidate Hillary Clinton condemned "outrageous tax havens and loopholes ... in Panama and elsewhere"[423] at a Pennsylvania AFL–CIO event. Clinton added that "some of this behavior is clearly against the law, and everyone who violates the law anywhere should be held accountable", but it was "scandalous how much is actually legal".[423] Clinton promised that "We are going after all these scams and make sure everyone pays their fair share here in America."[423]
Panama was under Spanish rule for almost 300 years (1538–1821), and became part of the Viceroyalty of Peru, along with all other Spanish possessions in South America. From the outset, Panamanian identity was based on a sense of "geographic destiny", and Panamanian fortunes fluctuated with the geopolitical importance of the isthmus. The colonial experience spawned Panamanian nationalism and a racially complex and highly stratified society, the source of internal conflicts that ran counter to the unifying force of nationalism.[19][page needed]

Panama still has a reputation worldwide for being a tax haven but has agreed to enhanced transparency, especially since the release in 2016 of the Panama Papers. Significant progress has been made to improve full compliance with anti-money laundering recommendations. Panama was removed from the FATFGAFI gray list in February 2016. However efforts remain to be made, and the IMF repeatedly mentions the need to strengthen financial transparency and fiscal structure.[60]
According to reporting by the African Network of Centers for Investigative Reporting (ANCIR), the company produces 60–90% of Sierra Leone's diamond exports, and in some months between 2012 and 2015 exported more than US$330 million in rough diamonds.[18] Octea owes US$150 million in unpaid loans.[18] Although government records show taxes paid by other diamond companies, none are listed for Octea.
Many senior EU figures have been implicated in the Panama Papers scandal.[158] The European Commissioner for Taxation, Pierre Moscovici, has said that the European Union as a whole had a "duty" to prevent the kind of tax avoidance uncovered in the Panama Papers scandal. Moscovici told reporters the use of offshore companies to hide what he called "shocking amounts" of financial assets from tax authorities was "unethical". He estimated that the tax shelters resulted in an annual loss of some €1 trillion in public finances, adding that the European Commission has attempted to tighten tax rules across the union since November 2014 due to the Luxembourg Leaks scandal, also revealed by the ICIJ, and that he hoped the extent of the Panama Papers revelations would spur countries to action.[159]
Back in the 1940s, Coronado was just a few sleepy ranches alongside an unspoiled stretch of blue Pacific and black-and-white speckled beaches. However, Coronado is now a highly popular beach town on the Pacific coast of Panama. Located an hour from Panama City, it is on the ‘Arco Seco’ (‘dry arch’) stretch of coastline, so Read more...: Coronado, Panama
The current wife of former prime minister of Spain Felipe González, María García Vaquero, opened an account in Switzerland for Carmingo Ltd in 2004 in the tax haven of Niue, an island in the South Pacific.[263] The lawyer Cándido Conde-Pumpido Jr., son of former General Prosecutor of Spain and magistrate of the Supreme Court of Spain, Cándido Conde-Pumpido, asked to open a Mossack Fonseca offshore company in 2008, though the transaction wasn't completed[why?]. He had intended the offshore company to be an intermediary in a project to build a skyscraper in the capital of Panama, not to hide money.[264]
In 2015, Süddeutsche Zeitung (SZ) was contacted by an anonymous source calling him or herself "John Doe," who offered to leak the documents. Doe did not demand any financial compensation in return, according to the SZ. The total volume of data comes to about 2.76 terabytes, making it the biggest data leak in history. The data pertains to the period spanning from the 1970s to the spring of 2016.
The Caribbean coastline is marked by several natural harbors. However, Cristóbal, at the Caribbean terminus of the canal, had the only important port facilities in the late 1980s. The numerous islands of the Archipiélago de Bocas del Toro, near the Beaches of Costa Rica, provide an extensive natural roadstead and shield the banana port of Almirante. The more than 350 San Blas Islands near Colombia, are strung out over more than 160 kilometres (99 miles) along the sheltered Caribbean coastline.

The city of Panama is still a banking center, although with very visible controls in the flow of cash. Shipping is handled through port facilities in the area of Balboa operated by the Hutchison Whampoa Company of Hong Kong and through several ports on the Caribbean side of the isthmus. Balboa, which is located within the greater Panama metropolitan area, was formerly part of the Panama Canal Zone, and the administration of the former Panama Canal Zone was headquartered there. 

Panama was under Spanish rule for almost 300 years (1538–1821), and became part of the Viceroyalty of Peru, along with all other Spanish possessions in South America. From the outset, Panamanian identity was based on a sense of "geographic destiny", and Panamanian fortunes fluctuated with the geopolitical importance of the isthmus. The colonial experience spawned Panamanian nationalism and a racially complex and highly stratified society, the source of internal conflicts that ran counter to the unifying force of nationalism.[19][page needed]
WikiLeaks spokesperson Kristinn Hrafnsson, an Icelandic investigative journalist who worked on Cablegate in 2010, said withholding some documents for a time does maximise the leak's impact, but called for full online publication of the Panama Papers eventually.[80] A tweet from WikiLeaks criticized the decision of the ICIJ to not release everything for ethical reasons: "If you censor more than 99% of the documents you are engaged in 1% journalism by definition."[81]
The Caribbean coastline is marked by several natural harbors. However, Cristóbal, at the Caribbean terminus of the canal, had the only important port facilities in the late 1980s. The numerous islands of the Archipiélago de Bocas del Toro, near the Beaches of Costa Rica, provide an extensive natural roadstead and shield the banana port of Almirante. The more than 350 San Blas Islands near Colombia, are strung out over more than 160 kilometres (99 miles) along the sheltered Caribbean coastline.

The late Benazir Bhutto was also a Mossack Fonseca client. In 2001 the firm set up BVI company Petroline International Inc. for Bhutto, her nephew Hassan Ali Jaffery Bhutto, and her aide and head of security Rehman Malik, who later became a Senator and Interior Minister in the government of Yousaf Raza Gillani. Mossack Fonseca had deemed Bhutto's first company, the similarly named Petrofine FZC, politically sensitive and "declined to accept Mrs Bhutto as a client."[372] A United Nations committee chaired by former US Federal Reserve head Paul Volcker had determined in a 2005 investigation into abuses of the oil-for-food program that Petrofine FZC paid US$2 million to the Iraqi government of Saddam Hussein to obtain US$115–145 million in oil contracts.[373]


The firm won’t discuss specific cases of alleged wrongdoing, citing client confidentiality. But it robustly defends its conduct. Mossack Fonseca says it complies with anti-money-laundering laws and carries out thorough due diligence on all its clients. It says it regrets any misuse of its services and tries actively to prevent it. The firm says it cannot be blamed for failings by intermediaries, who include banks, law firms and accountants.
In 1501 Rodrigo de Bastidas of Spain landed on the Caribbean side, discovering the Americas. Just a short 18 years later, 1500 Spanish settlers had established the oldest European settlement on the Pacific Coast of the Americas in what was called Panama Viejo, near the current Panama City. Finding that the two oceans were not far apart, conquistadors began transporting goods from the Caribbean side to the Pacific side in what became known as the El Camino Real or Royal Trail. This enabled two-way traffic of carts carrying treasures to go from sea to sea. In 1671 the famous pirate Henry Morgan burned down the original Panama City.
The US intent to influence the area, especially the Panama Canal's construction and control, led to the separation of Panama from Colombia in 1903 and its establishment as a nation. When the Senate of Colombia rejected the Hay–Herrán Treaty on January 22, 1903, the United States decided to support and encourage the Panamanian separatist movement[24][22]
Investigations by ICIJ's sole East Asian partner CommonWealth Magazine in Taiwan found that at least 2,725 offshore companies had registered addresses in Taiwan. Ninety Taiwanese, including the singer and actor Nicky Wu, were included in the papers.[387] According to a report released by CommonWealth Magazine, Wu used the firm Horizon Sky Technology, Ltd. to co-operate with Hong Kong-based Sun Entertainment Culture Limited (zh).[388]

Panama was inhabited by indigenous tribes before Spanish colonists arrived in the 16th century. It broke away from Spain in 1821 and joined the Republic of Gran Colombia, a union of Nueva Granada, Ecuador, and Venezuela. After Gran Colombia dissolved in 1831, Panama and Nueva Granada eventually became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the construction of the Panama Canal to be completed by the US Army Corps of Engineers between 1904 and 1914. The 1977 Torrijos–Carter Treaties led to the transfer of the Canal from the United States to Panama on December 31, 1999.[9]
Many individuals mentioned in the Panama Papers are connected with the world governing body of association football, FIFA, including the former president of CONMEBOL Eugenio Figueredo;[501] former President of UEFA Michel Platini;[502] former secretary general of FIFA Jérôme Valcke;[502] Argentine player for Barcelona Lionel Messi; and, from Italy, the head manager of Metro, Antonio Guglielmi.[501]
The US influence in Panama can be seen in the country's sports. Baseball is Panama's national sport and the country has regional teams and a national team that represents it in international events. At least 140 Panamanian players have played professional baseball in the United States, more than any other Central American country.[89] Notable players include Bruce Chen, Rod Carew, Mariano Rivera, Carlos Lee, Manny Sanguillén, and Carlos Ruiz.
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