Being from Argentina, I was interested in this documentary because our President was one of the many figures in Western politics mentioned in this scandal. However, as in the other cases mentioned on the movie, the movie barely makes a passing mention of the case and doesn't bother to explain it in detail. Instead of explaining, step by step, how the process of setting up an offshore company works, exactly what each politician mentioned was involved in, and what the evidence against them was (which could have helped bring transparency into this important issue), the movie wastes time (more than an hour to be precise) talking about the journalists involved, how their investigation took place, and describing their collaborative international process in combing through the evidence, in what feels like a self-congratulatory exercise. While in itself interesting, I believe me and most of the audience were more interested in the actual contents of the Panama Papers itself and not on the journalistic process which made it happen. The documentary, in my opinion, gives an undue weight on this aspect of the story. The second part, on which the arrests made in Panama are described, is more interesting, but this extends for only 20 minutes, before we are back to the journalistic side of the story again.
International Monetary Fund (IMF) researchers estimated in July 2015 that profit shifting by multinational companies costs developing countries around US$213 billion a year, almost two percent of their national income. Igor Angelini, head of Europol's Financial Intelligence Group, said that shell companies "play an important role in large-scale money laundering activities" and that they are often a means to "transfer bribe money". Tax Justice Network concluded in a 2012 report that "designing commercial tax abuse schemes and turning a blind eye upon suspicious transactions have become an inherent part of the work of bankers and accountants".
A screenshot showed that authorities had forced all websites to delete content about the Panama Papers. Foreign websites such as WikiLeaks and China Digital Times are blocked from mainland China. On Sina Weibo, a Twitter-like social media website, censors deleted content about the Panama Paper. However, the name of Xi's brother-in-law got through, and Weibo users tried to circumvent them with less obvious language such as "brother-in-law", "Canal Papers" (for the Panama Canal), and so on. Despite the censorship, Weibo search ranking was topped by phrases seemingly related to the Panama Papers, such as "tax evasion", "document", "leak" and "Putin".
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". Edward Snowden described the release in a Twitter message as the "biggest leak in the history of data journalism". 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".
After meeting your local guide, you’ll begin your Panama City tour by wandering through the old historic district of Casco Viejo, which is so beautiful it’s been named a UNESCO World Heritage site. Here, your guide will point out landmarks and important features of the neighbourhood, and fill you in on the secrets that only locals know. Continue on through Balboa, exploring some of the old U.S. military zone, and see the headquarters for the legendary Panama Canal before heading to the Miraflores Locks visitor centre. Here you’ll be able to see the ships on their journey through one of the most famous canals the world, which connects the Atlantic and Pacific oceans. This part of your Panama Canal tour will tell you all you need to know about this incredible feat of engineering, with help from your local guide and a self-guided tour through the museum dedicated to the Canal. From here you’ll head to Ancon to explore more of this famous part of the city before moving on to the Amador Causeway to take in the view of the Bridge of the Americas. We’ll grab bite a bite to eat and enjoy a little nature walk on the Smithsonian-owned Punta Culebra. Enjoy this amazing and historic 'secret' part of Panama City – if you’re lucky, you might even spot a sloth! Finally, your local guide will drop you off back at the start point. From here, you’re free to shop at a local market, enjoy the view from one of the many rooftop bars or take a well-deserved rest and reflect on all you’ve learned about the awesome Panama City!
Panama City is located at 30°10′28″N 85°39′52″W (30.174451, -85.664480) within the Florida Panhandle and along the Emerald Coast. According to the United States Census Bureau, the city limits encompass an area of 35.4 square miles (91.8 km2), of which 29.3 square miles (75.8 km2) is land and 6.2 square miles (16.0 km2), or 17.39%, is water.
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.[page needed]
Steinmetz, who has a personal fortune of $6 billion, supplies diamonds to Tiffany and DeBeers and is Sierra Leone's largest private investor. Yet, according to a detailed report in The Namibian, his Octea subsidiary owes, among other debts, property taxes of $700,000 to the city of Koidu. These unpaid taxes are discounted, according to mayor Saa Emerson Lamina, because Octea promised a 5% profit−sharing agreement, and payment 1% of its annual profit to a community development fund, but it did not do this either.
^ "Iceland's PM says he will not resign in Panama Papers scandal". Belfast Telegraph. April 4, 2016. Retrieved April 4, 2016. He allegedly sold his half of the company to Palsdottir for one US dollar on 31 December 31, 2009, the day before a new Icelandic law took effect that would have required him to declare the ownership of Wintris as a conflict of interest.
Many of the expats here also cite Panama’s geographical diversity and location, with proximity to North America being a major factor. In a country roughly the size of South Carolina, you’ll find mountains and beaches within an easy striking distance—no matter where in the country you are. Wake up on the Caribbean and have lunch overlooking the Pacific…they’re a couple of hours apart at the isthmus’ “skinniest” sections. Choose your preferred climate, topography, population density and more in Panama’s varied landscape.
US authorities say that Steinmetz paid Mamadie Touré $5.3 million for her help in obtaining the concession from her husband Lansana Conté, president of Guinea, shortly before he died. According to Global Witness, an offshore company belonging to Touré, Matinda, received a payment of $2.4 million from a company named Pentler Holdings. Several more payments were promised as well as 5% of BSGR shares in Simandou. Pentler owned 17.65% of BSGR Guinea.
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), companies that own stock options for some of Russia's biggest companies and the rights to loans worth hundreds of millions of dollars. 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. 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. Panama Papers documents indicate that Roldugin companies received several loans with no collateral, or at very low interest rates, or never repaid. 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. Asked about his companies, 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".
According to the CIA World Factbook, as of 2012 Panama had an unemployment rate of 2.7 percent. A food surplus was registered in August 2008. On the Human Development Index, Panama ranked 60th in 2015. In recent years, Panama's economy has experienced a boom, with growth in real gross domestic product (GDP) averaging over 10.4 percent in 2006–2008. Panama's economy has been among the fastest growing and best managed in Latin America. The Latin Business Chronicle predicted that Panama would be the fastest growing economy in Latin America during the five-year period from 2010–14, matching Brazil's 10 percent rate.
In 2008–2009, the Beny Steinmetz Group Resources (BSGR) and its owner Beny Steinmetz paid just $165 million for the mining rights to the northern portion of Simandou mine, located in the Nzérékoré region of Guinea's interior. Soon after, he sold 51 percent of the rights to Vale for $2.5 billion. Rio Tinto, which had previously held the concession, had invested $450 million into infrastructure at the site. Global Witness says BSGR in fact paid nothing for the rights, and the $165 million represents BSGR's self-reported investment in improvements at the site. It adds that either way BSGR's profit exceeded the national budget of Guinea.
Getting to Panama City Beach is a cinch, thanks to its proximity to Northwest Florida Beaches International Airport (ECP). The airport is only 20 minutes by car from the shimmering white sands that make Panama City Beach such a hotspot on the Gulf of Mexico. Here, you can catch sight of dolphins, go scuba diving amid shipwrecks, and explore the dunes and forests of St Andrews State Park.