In March 2005, Dan Gertler International formed a new company, Global Enterprises Corporate (GEC), with Global Resources, owned by Beny Steinmetz. A former DRC mines minister, Simon Tuma-Waku, was "special adviser". The company formed a joint copper and cobalt mining venture with DRC agency La Générale Des Carriers et Des Mines (Gécamines), which held 25%, and GEC 75%, which they placed into an Isle of Man holding company, Nikanor plc. The IPO raised £400 million in London and the company eventually reached a market capitalization of $1.5 billion for an initial investment of $3 million.[450]
The Panama Papers confirmed that the politician Stavros Papastavrou, who was advisor of former Prime Ministers Kostas Karamanlis and Antonis Samaras, had been a member of the council of the Panamanian foundations, Green Shamrock Foundation and Diman Foundation, from 2005 to 2014. In 2006, he became deputy chairman of the Aisios Foundation, that still exists today. However, Papstavrou resigned from the Aisios Foundation in 2012.[193]
In theory American[448] and European[451] buyers of gold in Africa are required to review their supply chain and report any use of conflict resources, such as gold from eastern Congo. In practice the requirement is widely ignored, and an investigation by African Network of Centers for Investigative Reporting (ANCIR) found examples in the leaked Mossack Fonseca documents of anonymous shell companies doing the sourcing. For a start, most of the DRC gold winds up in Dubai by way of Uganda. Dubai's $75 billion gold industry is regulated with a very light hand by the quasi-private Dubai Multi Commodities Centre (DMCC).[449]
On April 8, a few hours after the publication of a new series of articles focusing on art hidden behind offshore companies, a prosecutor sequestered a Modigliani worth some $25 million at Geneva Freeport.[269][289] Litigation in New York alleged the painting had been stolen by Nazis during World War II; the defendants said they did not own it, but the leaked documents show that they control International Art Center, a shell company registered in Panama which does own it.[269]
Gerard Ryle, director of the International Consortium of Investigative Journalists, called the leak "probably the biggest blow the offshore world has ever taken because of the extent of the documents".[76] Edward Snowden described the release in a Twitter message as the "biggest leak in the history of data journalism".[77] The ICIJ also said that the leak was "likely to be one of the most explosive [leaks of inside information in history] in the nature of its revelations".[78]
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.
As the United Kingdom still exercises varying degrees of control over British Overseas Territories and Crown dependencies which make up a large number of the many tax havens and "secrecy jurisdictions" that exist, pressure mounted on Prime Minister David Cameron to make changes.[306][307] According to The Wall Street Journal, the Panama Papers "are shining a light on the constellation of offshore centers in the last remnants of the British Empire, from Gibraltar to the British Virgin Islands (BVI)."[306] Of the companies created by Mossack Fonseca which were included in the leaked data, the BVI companies topped the list, with 113,000 of the nearly 215,000 companies that Mossack Fonseca managed or incorporated there. British Overseas Territory Anguilla was 7th on the list.[308]
The city of Panama was founded on August 15, 1519, by Spanish conquistador Pedro Arias Dávila. The city was the starting point for expeditions that conquered the Inca Empire in Peru. It was a stopover point on one of the most important trade routes in the American continent, leading to the fairs of Nombre de Dios and Portobelo, through which passed most of the gold and silver that Spain took from the Americas.
National elections are universal and mandatory for all citizens 18 years and older. National elections for the executive and legislative branches take place every five years. Members of the judicial branch (justices) are appointed by the head of state. Panama's National Assembly is elected by proportional representation in fixed electoral districts, so many smaller parties are represented. Presidential elections requires a simple majority; out of the five last presidents only ex-president Ricardo Martinelli has managed to be elected with over 50 percent of the popular vote.[51]
United States President Ronald Reagan began a series of sanctions against the military regime. The United States froze economic and military assistance to Panama in the middle of 1987 in response to the domestic political crisis in Panama and an attack on the US embassy. These sanctions did little to overthrow Noriega, but severely damaged Panama's economy. The sanctions hit the Panamanian population hard and caused the Gross Domestic Product (GDP) to decline almost 25 percent between 1987 and 1989 (see Acosta n.p.).[32]
Former IMF president Rodrigo Rato, vice-president in the conservative government of prime minister José María Aznar, had more than €3.6 million in two offshore companies. He has been charged by Spain with alleged tax offenses, money laundering and corruption among individuals in other cases of corruption.[256] Micaela Domecq-Solís, the wife of Miguel Arias Cañete, currently the European Commissioner for Climate Action and Energy and formerly the EU Minister of Agriculture, Food and Environment, also opened shell societies.
Ethnic groups in Panama include Mestizo people, who have a mix of European and native ancestry. Black Afro-Panamanians account for 15–20 percent of the population. Most Afro-Panamanians live on the Panama-Colón metropolitan area, the Darien Province, La Palma, and Bocas Del Toro. Neighborhoods in Panama City that have large black populations include: Curundu, El Chorrillo, Rio Abajo, San Joaquín, El Marañón, San Miguelito, and Santa Ana.[citation needed] Black Panamanians are descendants of African slaves brought to the Americas in the Atlantic Slave Trade. The second wave of black people brought to Panama came from the Caribbean during the construction of the Panama Canal. Panama also has a considerable Chinese and Indian (India) population brought to work on the canal during its construction. Most Chinese-Panamanians reside in the province of Chiriquí.[citation needed] Europeans and white-Panamanians are a minority in Panama. Panama is also home to a small Arab community that has mosques, practises Islam, as well as a Jewish community and many synagogues.
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]
Panama is bounded to the north by the Caribbean Sea (an extension of the Atlantic Ocean) and to the south by the Pacific Ocean. It has an elongated S shape, with its Caribbean coastline stretching some 800 miles (1,290 km) and the Pacific coast some 1,060 miles (1,700 km); however, a line drawn from the Costa Rican frontier in the west to the Colombian border in the east would extend only 480 miles (770 km). The shortest distance across the isthmus is about 30 miles (50 km), from the mouth of the Nergalá (Necategua) River, which flows into the Gulf of San Blas on the Caribbean shore, to the mouth of the Chepo River on the Pacific coast. Nearly as narrow is the portion of the isthmus traversed by the Panama Canal.
A central spine of mountain ranges extends almost the entire length of Panama, dividing the country into Atlantic- and Pacific-facing slopes. The two principal ranges, the Tabasará Mountains (Cordillera Central) in the west and the Cordillera de San Blas in the east, are separated near the centre of the country by a saddle of lower land. This depression (the Panama Canal site) divides the country again—roughly into western and eastern halves. Of the four quadrants thus formed, the southwestern has the largest number of settlements; however, the environs of the canal account for most of Panama’s population and commerce. The country’s highest peak is an inactive volcano, Barú (Chiriquí), which reaches an elevation of 11,401 feet (3,475 metres).

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.

Many leaked documents reference Bank Leumi, primarily its branch on the island tax haven of Jersey. One of its customers, billionaire Teddy Sagi, made his fortune developing online gambling technology in England and recently developed the Camden Market commercial real estate space. Sagi is sole shareholder of at least 16 Mossack Fonseca offshore companies, mostly real estate ventures.[363]
Cameron criticized complex offshore structures in 2013, saying that it is "not fair and not right what some [companies] are doing by saying 'I've got lots of sales here in the UK but I'm going to pay a sort of royalty fee to another company that I own in another country that has some special tax dispensation.'" He said he would bring up the issue at the G8 summit that year.[309] At the summit, Cameron demanded more transparency, arguing that it would be better for business.[302] In 2014, Cameron asked all Overseas Territories and Crown dependencies to set up an open register of firms and individuals with investments registered in their jurisdictions, but by the time of the Panama Papers leak in April 2016, only Montserrat and Gibraltar had agreed to do so.[310]
Leaked documents also indicate that the firm would also backdate documents on request and, based on a 2007 exchange of emails in the leaked documents, it did so routinely enough to establish a price structure: $8.75 per month in the past.[97] In 2008, Mossack Fonseca hired a 90-year-old British man to pretend to be the owner of the offshore company of Marianna Olszewski, a US businesswoman, "a blatant breach of anti-money laundering rules" according to the BBC.[98]

Paralleling the principal mountain chains, a lower mountain arc extends along Panama’s southern coast. It appears only in well-separated segments—for example, on Azuero Peninsula as the Canajagua Massif and in eastern Panama as the Sierra de Jungurudó, Sapo Mountains, and the Majé Mountains. The highlands and mountains are made up primarily of igneous (volcanic) rocks.
Panama is bounded to the north by the Caribbean Sea (an extension of the Atlantic Ocean) and to the south by the Pacific Ocean. It has an elongated S shape, with its Caribbean coastline stretching some 800 miles (1,290 km) and the Pacific coast some 1,060 miles (1,700 km); however, a line drawn from the Costa Rican frontier in the west to the Colombian border in the east would extend only 480 miles (770 km). The shortest distance across the isthmus is about 30 miles (50 km), from the mouth of the Nergalá (Necategua) River, which flows into the Gulf of San Blas on the Caribbean shore, to the mouth of the Chepo River on the Pacific coast. Nearly as narrow is the portion of the isthmus traversed by the Panama Canal.
The documents contain personal financial information about wealthy individuals and public officials that had previously been kept private.[5] While offshore business entities are legal (see Offshore Magic Circle), reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.[6]
Sergei Roldugin, a cellist with the St Petersburg orchestra who is the godfather of Putin's eldest daughter and who has been described as Putin's "best friend", appears prominently in the Panama Papers. According to the leaked papers, Roldugin acquired assets worth at least $100 million, including a 12.5% stake in Video International (Russia's largest television advertising firm),[237] companies that own stock options for some of Russia's biggest companies and the rights to loans worth hundreds of millions of dollars.[239] In 2008, a company controlled by Roldugin joined with several other offshore companies to help "another Putin insider" acquire control of Kamaz, Russia's largest truck manufacturer, and obtain investment from German carmaker Daimler AG, $250 million for 10% of Kamaz.[239] Sandalwood, another company in which Roldugin and other insiders have an interest was issued lines of credit between 2009 and 2012 worth $800,000 by Russian Commercial Bank (RCB) in Cyprus, then a wholly owned subsidiary of VTB Bank, largely owned by the Russian state.[235] Panama Papers documents indicate that Roldugin companies received several loans with no collateral, or at very low interest rates, or never repaid.[235] In 2013, several shell companies linked to the brothers Boris and Arkady Rotenberg loaned worth about US$200 million to a company in Roldugin's network. The leaked documents do not show whether they were repaid. Shortly before the loan was granted, Arkady Rotenberg's company had been awarded the tender for the South Stream pipeline project, worth billions.[235] Asked about his companies,[240] Rodulgin said "I have to take a look and find out what I can say and what I can't", and that financial matters are "delicate".[240]
Leaked documents show that daughters Leyla and Arzu Aliyeva both hold shares in Exaltation Limited, incorporated in April 2015 for "holding UK property". Child & Child, a London law firm that registered it and obtained nominee directors for it though the Jersey branch of Mossack, claimed in doing so that the women had no political connections.[30][334]
Ken Emrith, a member of the opposition United National Congress (UNC), is linked to a bribery scandal in Brazil through Panamanian shell companies used to transfer millions of US dollars to offshore bank accounts.[411] The Brazilian construction company Grupo OAS [pt] was awarded a contract in 2011 through the National Infrastructure Development Company (NIDCO) by the People's Partnership administration to build a highway in Trinidad for TT$5.2 billion.[note 2] The highway is 49% complete, but it is now estimated that the highway will cost TT$8 billion when done.[411] Investigators have found that Emirth's companies received $6 million from NIDCO and that Emirth was also a director of Pembury Consultants (Trinidad and Tobago) Limited, which OAS hired on the highway project as a consultant at $44,800 a month.[411] Through May 2013 OAS paid Pembury at least TT$896,000; totals beyond that date are not currently available.[411]

The publisher concludes that: "Taiwanese companies and individuals are believed to be extensively using offshore shelters to avoid or evade taxes ... after scouring the Panama Papers documents that Mossack Fonseca has not been one of their main conduits. This time, it appears that big Taiwanese banks, law firms and accounting firms did not often use the services of Mossack Fonseca, which does not have a presence in Taiwan. The forty-six Taiwanese brokers that did work with Mossack Fonseca were relatively small-scale consulting firms operating in Greater China. Most of the Taiwanese entities that set up shell companies through the Panamanian law firm were small, unlisted companies or individuals."[389]
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.
More than ever, Panama City is booming with events and activities. Make Panama City your destination and visit the many fine shops, restaurants and exhibits. Discover why Panama City is listed as one of the best art towns in America for Cities with a population of less than 50,000. Year-round events include: The Blessing of the Fleet, an Annual Independence Day Celebration, and Oktoberfest.
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]
Panama's tropical environment supports an abundance of plants. Forests dominate, interrupted in places by grasslands, scrub, and crops. Although nearly 40% of Panama is still wooded, deforestation is a continuing threat to the rain-drenched woodlands. Tree cover has been reduced by more than 50 percent since the 1940s. Subsistence farming, widely practised from the northeastern jungles to the southwestern grasslands, consists largely of corn, bean, and tuber plots. Mangrove swamps occur along parts of both coasts, with banana plantations occupying deltas near Costa Rica. In many places, a multi-canopied rain forest abuts the swamp on one side of the country and extends to the lower reaches of slopes on the other.
Panama has a tropical climate. Temperatures are uniformly high—as is the relative humidity—and there is little seasonal variation. Diurnal ranges are low; on a typical dry-season day in the capital city, the early morning minimum may be 24 °C (75.2 °F) and the afternoon maximum 30 °C (86.0 °F). The temperature seldom exceeds 32 °C (89.6 °F) for more than a short time. Temperatures on the Pacific side of the isthmus are somewhat lower than on the Caribbean, and breezes tend to rise after dusk in most parts of the country. Temperatures are markedly cooler in the higher parts of the mountain ranges, and frosts occur in the Cordillera de Talamanca in western Panama.
On April 7, 2016, the Anti Corruption Commission Bangladesh launched an inquiry to obtain details of the businesses and individuals allegedly affiliated with Mossack Fonseca.[336] Allegations have been made against thirty-two Bangladeshi individuals and two corporations, however, media outlets staking this claim have referenced an old ICIJ database of information compiled during the investigation of the 2013 Offshore Leaks.[337]
Since the end of the 20th century, association football has become more popular in Panama.[citation needed] The top tier of domestic Panamanian football, Liga Panameña de Fútbol, was founded in 1988. The national team appeared at the FIFA World Cup for the first time in 2018, appearing in group G, facing Belgium, England and Tunisia. However, the team lost all three games, failing to advance past the group stage. Notable players for the national team include Luis Ernesto Tapia, Rommel Fernández, the Dely Valdés Brothers: Armando, Julio and Jorge; and more recent players as Jaime Penedo, Felipe Baloy, Luis Tejada, Blas Pérez, Román Torres and Harold Cummings.
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