^ MOVIN: an independent political movement based in Panama, focused on influencing and monitoring the independence, efficiency and transparency of government institutions and their management. See "Civil Society | Policy Areas | ERCAS – European Research Centre for Anti-Corruption and State-Building". www.againstcorruption.eu. Archived from the original on November 10, 2016.
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] 

Undergoing redevelopment, the old quarter has become one of the city's main tourist attractions, second only to the Panama Canal. Both government and private sectors are working on its restoration.[30] President Ricardo Martinelli built an extension to the Cinta Costera maritime highway viaduct in 2014 named "Cinta Costera 3" around the Casco Antiguo.[31]
The urban population, many living below the poverty level, was greatly affected by the 1989 intervention. As pointed out in 1995 by a UN Technical Assistance Mission to Panama, the bombardments during the invasion displaced 20,000 people. The most heavily affected district was impoverished El Chorrillo, where several blocks of apartments were completely destroyed. El Chorrillo had been built in the days of Canal construction, a series of wooden barracks which easily caught fire under the United States attack.[40][41][42] The economic damage caused by the intervention has been estimated between 1.5 and 2 billion dollars. n.p.[32] Most Panamanians supported the intervention.[34][43]
Boquete is one of the original areas in Panama to have an expat community. Held as one of the largest expat populations in Panama, current estimates are the population of expats number 5,000 among the 25,000 people living in this highland mountain town. Boquete has always been a tourist destination for those seeking outdoor activities and cooler weather. Several expats have opened businesses in Boquete such as bakeries, hotels, and restaurants. Boquete has become known as a holistic and wellness center with an array of classes in Yoga, meditation, Tai Chi, and Chi Gong on offer.

Panama is an important country for many reasons. Considered an isthmus (a narrow strip of land with sea on either side, forming a link between two larger areas of land), it became a land bridge approximately 2.8 million years ago connecting both the North America and South America continents. Over time this formation affected the biodiversity of the world enabling animals to migrate from north to south, changing the weather patterns across the world, even in Europe. The development of the isthmus created the Gulf Stream which gives definition to rainfall amounts, temperatures, tides, and climates for the region.
Due to its location on the Gulf Coast, the city is susceptible to tropical cyclones. In 2018, Panama City was directly hit by Hurricane Michael, which caused catastrophic damage to the city and surrounding communities, with winds of 160 mph (260 km/h) at landfall. The city previously suffered significant indirect impacts from Hurricane Ivan (2004) and Hurricane Opal (1995).

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.
While no standard official definition exists, The Economist and the International Monetary Fund describe an offshore financial center, or tax haven, as a jurisdiction whose banking infrastructure primarily provides services to people or businesses who do not live there, requires little or no disclosure of information when doing business, and offers low taxes.[32][33]

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]
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.
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]
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.
Consider booking one of the many hotels with family suites in the area in order to save money and having to book multiple separate rooms. The Casa Loma is a great choice that offers suites that sleep up to seven guests, with kitchens. Hampton Inn and Suites is across the road from Gulf World Marine Park and offers one room suites with pull out sofas for extra people.

The Reykjavik Grapevine and the news site Kjarninn revealed that President Ólafur Ragnar Grímsson had connections to Lasca Finance Limited, registered in 2005 in the British Virgin Islands. Ólafur Ragnar had categorically denied any personal or family ties to companies in tax havens. The parents of his wife, Dorrit Moussaieff, operated the company 1999–2005. The financial statements of the Moussaieff family business show it received nearly £7 million ($10.2 million US, €9.1 million) in interest payments from Lasca during 2000–2005. In 2005 Moussaieff Jewelers Limited sold its 10% stake of Lasca to S. Dorrit Moussaieff's deceased father and her mother, now 86 years old and the registered owner of the Lasca ownership stake. Dorrit and her sisters Tamara and Sharon will inherit her fortune, considered among the largest in the world.[201]
Bollywood celebrities Amitabh Bachchan, his daughter-in-law and actress Aishwarya Rai Bachchan and actor Ajay Devgan are listed in the papers.[350] Bachchan has denied any connection to overseas companies, and a spokesman for Rai also questioned the documents' authenticity.[351] Bachchan repeated the denial in response to an August 21 report that he was listed as a director of two companies and participated in board meetings.[352]
The beaches and sunsets highlight the city's natural beauty with places to visit including St. Andrews State Park, Conservation Park, and Shell Island. Dolphin watching, golfing, and fishing are top activities, while sights to visit include Signal Hill Golf Course, Signal Hill Country Club, and Hombre Golf Club. Other notable sights to explore include Gulf World Marine Park and Pier Park.

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.[442] 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.[458]
^ Jump up to: a b Michael Daly (April 5, 2016). "Polynesian 'Rock' That Made Millions From Panama Papers' Crooks: How Niue, a coral outcropping with just 1,190 residents, rolled out the welcome mat for Mossack Fonseca, the law firm at the center of the massive records leak—and made a tidy profit". Daily Beast. Archived from the original on May 2, 2016. Retrieved April 26, 2016.
According to Professor Rodrigo Miró, the first story about Panama was written by Gonzalo Fernández de Oviedo y Valdés and published as part of the Historia General y Natural de Las Indias in 1535. Some poets and novelists born in Panamá city are Manuel María Ayala (1785–1824), Amelia Denis de Icaza (1836–1911), Darío Herrera (1870–1914), Ricardo Miró (1883–1940), Gaspar Octavio Hernández (1893–1918), Demetrio Korsi (1899–1957), Ricardo Bermúdez (1914–2000), Joaquín Beleño (1922–88), Ernesto Endara (1932–), Diana Morán (1932–87), José Córdova (1937–), Pedro Rivera (1939–), Moravia Ochoa López (1941–), Roberto Fernández Iglesias (1941–), Juan David Morgan (1942 –), Jarl Ricardo Babot (1946–), Giovanna Benedetti (1949–), Manuel Orestes Nieto (1951–), Moisés Pascual (1955–), Héctor Miguel Collado (1960–), David Robinson Orobio (1960–), Katia Chiari (1969–), Carlos Oriel Wynter Melo (1971–), José Luis Rodríguez Pittí (1971–), Arturo Wong Sagel (1980–) and Sofía Santim (1982–).[32]
A project to build a third set of locks for the Panama Canal A was overwhelmingly approved in a referendum (with low voter turnout, however) on October 22, 2006. The official estimated cost of the project is US$5.25 billion, but the canal is of major economic importance because it provides millions of dollars of toll revenue to the national economy and provides massive employment. Transfer of control of the Canal to the Panamanian government completed in 1999, after 85 years of US control.
With many U.S. states allowing medical marijuana or related products, the plant has become a go-to remedy to ease a variety of symptoms and conditions. We’ve had significant reader interest in how the countries International Living covers are dealing with this issue. The concern: If I settle in a certain country, can I continue to use medical marijuana...
In 1671, the privateer Henry Morgan, licensed by the English government, sacked and burned the city of Panama – the second most important city in the Spanish New World at the time. In 1717 the viceroyalty of New Granada (northern South America) was created in response to other Europeans trying to take Spanish territory in the Caribbean region. The Isthmus of Panama was placed under its jurisdiction. However, the remoteness of New Granada's capital, Santa Fe de Bogotá (the modern capital of Colombia) proved a greater obstacle than the Spanish crown anticipated as the authority of New Granada was contested by the seniority, closer proximity, and previous ties to the viceroyalty of Lima and even by Panama's own initiative. This uneasy relationship between Panama and Bogotá would persist for centuries.
Rodrigo de Bastidas sailed westward from Venezuela in 1501 in search of gold, and became the first European to explore the isthmus of Panama. A year later, Christopher Columbus visited the isthmus, and established a short-lived settlement in the Darien. Vasco Núñez de Balboa's tortuous trek from the Atlantic to the Pacific in 1513 demonstrated that the isthmus was indeed the path between the seas, and Panama quickly became the crossroads and marketplace of Spain's empire in the New World. Gold and silver were brought by ship from South America, hauled across the isthmus, and loaded aboard ships for Spain. The route became known as the Camino Real, or Royal Road, although it was more commonly known as Camino de Cruces (Road of Crosses) because of the number of gravesites along the way.

SZ asked the ICIJ for help because of the amount of data involved. Journalists from 107 media organizations in 80 countries analyzed documents detailing the operations of the law firm.[4] After more than a year of analysis, the first news stories were published on April 3, 2016, along with 150 of the documents themselves.[12] The project represents an important milestone in the use of data journalism software tools and mobile collaboration.

During World War II, construction of military bases and the presence of larger numbers of U.S. military and civilian personnel brought about unprecedented levels of prosperity to the city. Panamanians had limited access, or no access at all, to many areas in the Canal Zone neighboring the Panama city metropolitan area. Some of these areas were military bases accessible only to United States personnel. Some tensions arose between the people of Panama and the U.S. citizens living in the Panama Canal Zone. This erupted in the January 9, 1964 events, known as Martyrs' Day.

As of the census of 2010, there were 36,484 people, 14,819 households, and 9,039 families residing in the city. The population density was 1,246.0/per square mile . There were 17,438 housing units at an average density of 530.7 per square mile (204.9/km2). The racial makeup of the city was 71.6% White, 22.0% African American, 0.5% Native American, 1.6% Asian, 0.1 Native Hawaiian and 2.9% from two or more races. Hispanic or Latino of any race were 5.1% of the population.


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.
Private Eye revealed that Edward Troup, appointed executive chair of HMRC in April 2016, was a former partner with Simmons & Simmons, the London-based legal firm whose clients included the Panama-registered fund created by David Cameron's father, Blairmore Holdings.[318][319] Papers obtained by the Süddeutsche Zeitung and ICIJ reveal Simmons & Simmons' close relationship with running offshore companies and major overseas property owners, including an investment company run on behalf of Sheikh Hamad bin Abdullah Al Thani, while Troup was its senior tax partner.[320]
Undergoing redevelopment, the old quarter has become one of the city's main tourist attractions, second only to the Panama Canal. Both government and private sectors are working on its restoration.[30] President Ricardo Martinelli built an extension to the Cinta Costera maritime highway viaduct in 2014 named "Cinta Costera 3" around the Casco Antiguo.[31]
Citing leaked diplomatic cables, Fortune writer Chris Matthews speculated that Obama and Clinton may have supported the agreement, after opposing it while campaigning for office, because it was a quid pro quo for Panamanian support of US efforts against drug trafficking. In any event, he notes, while it is true that the agreement abolished limits on fund transfers between the US and Panama, the Obama administration insisted that the two countries first sign a Tax Information and Exchange Agreement as well, which facilitated the exchange of tax information between the countries.[419]
The Isthmus of Panama was formed about three million years ago when the land bridge between North and South America finally became complete, and plants and animals gradually crossed it in both directions. The existence of the isthmus affected the dispersal of people, agriculture and technology throughout the American continent from the appearance of the first hunters and collectors to the era of villages and cities.[16][17]

The Mossack Fonseca files show Khashoggi appeared as early as 1978, when he became president of the Panamanian company ISIS Overseas S.A. The documents reveal that Fonseca's clients included Sheikh Kamal Adham, Saudi Arabia's first intelligence chief (1963–79), brother-in-law of King Faisal, who was named by a US Senate committee as the CIA's “principal liaison for the entire the Middle East from the mid-1960s through 1979”. Adham controlled offshore companies involved in the B.C.C.I. banking scandal.[380]


To start this tour, you will follow the Panama Canal north to the town of Gamboa, where the Chagres River meets the canal. You will begin the wildlife viewing from a boat on the waters of the canal and Gatun Lake. You will ride along the waters of the Panama Canal right next to the ships passing through as well as have an up close view of the the abundant wildlife on its shores.  You will visit the famous Monkey Islands where you will see capuchins, howlers, and tamarins. Once you finish with the canal and lake boat ride (around 90 minutes), you will head 45 minutes north to the Caribbean side of Panama. You will visit the Agua Clara Visitor Center to see the new expansion locks working up close.  Located on the west side of the brand new Agua Clara Locks, the Agua Clara Visitor Center allows you to observe transiting vessels from a scenic lookout point and learn first hand about the various operations of the Panama Canal, the history of its construction, its participation in the world markets, and the importance of its watershed. An observational deck lets you watch the ships pass through the Agua Clara Locks on their way to the Pacific or Atlantic oceans. The next stop will be a visit to San Lorenzo National Park where you will visit a remote rainforest full of flora and fauna, followed by a freshly made picnic lunch and a tour Fort San Lorenzo. A 400 year old Spanish fort on a scenic cliff overlooking the Caribbean, here you will recount the many attacks by pirates and privateers that happened at one of the most historically important places in Panama.  The Fort of San Lorenzo, located on an 80 foot (25m) cliff overlooking the Caribbean Sea at the estuary of the Chagres River, was declared a UNESCO World Heritage Site in 1980 along with the fortifications of the city of Portobelo. It was part of the defensive system for the transatlantic trade of the Spanish Crown, and is a fine example of military architecture of the seventeenth and eighteenth centuries. The Fort of San Lorenzo is one of the oldest fortresses in Spanish America. Here you will recount the many attacks by pirates and privateers that happened at one of the most historically important places in Panama.  Once you finish the tour of the fort, you will return to Panama City for hotel drop off.
The mountain range of the divide is called the Cordillera de Talamanca near the Costa Rican border. Farther east it becomes the Serranía de Tabasará, and the portion of it closer to the lower saddle of the isthmus, where the Panama Canal is located, is often called the Sierra de Veraguas. As a whole, the range between Costa Rica and the canal is generally referred to by geographers as the Cordillera Central.
The terminal ports located at each end of the Panama Canal, namely the Port of Cristóbal, Colón and the Port of Balboa, are ranked second and third respectively in Latin America in terms of numbers of containers units (TEU) handled.[48] The Port of Balboa covers 182 hectares and contains four berths for containers and two multi-purpose berths. In total, the berths are over 2,400 metres (7,900 feet) long with alongside depth of 15 metres (49 feet). The Port of Balboa has 18 super post-Panamax and Panamax quay cranes and 44 gantry cranes. The Port of Balboa also contains 2,100 square metres (23,000 square feet) of warehouse space.[49]
The city is located in Panama District, although its metropolitan area also includes some populated areas on the opposite side of the Panama Canal. As in the rest of the country, the city is divided into corregimientos, in which there are many smaller boroughs. The old quarter, known as the Casco Viejo, is located in the corregimiento of San Felipe. San Felipe and twelve other corregimientos form the urban center of the city, including Santa Ana, El Chorrillo, Calidonia, Curundú, Ancón, Bella Vista, Bethania, San Francisco, Juan Diaz, Pueblo Nuevo, Parque Lefevre, and Río Abajo.
Businesswoman Ingibjörg Pálmadóttir and her husband Jón Ásgeir Jóhannesson have for several years financed their business dealings through a Panamanian company, Guru Invest, which owns shares in retailer Sports Direct through Rhapsody Investments (Europe), based in Luxembourg.[202] Guru Invest paid around US$16 million to Glitnir bank after it crashed to cover the debt of Gaumur, one of Jón Ásgeir's companies, and loaned ISK 100 million to Jón Ásgeir's company Þú Blásól through an offshore company he owns named Jovita. Asked by journalists at Kjarninn where that money came from, Ingibjörg did not reply.[202] Ingibjörg is the primary owner of the 365 media group, which owns the Icelandic news outlets Vísir.is, television channel Stöð 2 and radio stations Bylgjan, X-ið [is] and FM 957, none of which seem to be reporting this disclosure.[202]
The Panama Papers are 11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities.[1][2] The documents, some dating back to the 1970s, were created by, and taken from, Panamanian law firm and corporate service provider Mossack Fonseca,[3] and were leaked in 2015 by an anonymous source.[4]
On the night of June 9, 1987, the Cruzada Civilista ("Civic Crusade") was created[where?] and began organizing actions of civil disobedience. The Crusade called for a general strike. In response, the military suspended constitutional rights and declared a state of emergency in the country. On July 10, the Civic Crusade called for a massive demonstration that was violently repressed by the "Dobermans", the military's special riot control unit. That day, later known as El Viernes Negro ("Black Friday"), left six hundred people injured and another six hundred detained, many of whom were later tortured and raped.[citation needed]

The family of Azerbaijan President Ilham Aliyev leads a well-off life thanks in part to financial interests in various sectors of the nation's economy. His wife ascendants are privileged and powerful family that owns banks, insurance and construction companies, a television station and a line of cosmetics. She is well known for her pre-eminent charity work that has led to the construction of schools, hospitals and the country's major sports complex.[335]

According to Ouestaf the documents make it clear that while Crei investigators were interested in the funds in Pouye's Monaco account, they did not know that their source was an offshore account he created himself.[20] The two contracts prove that there was in fact a relationship between the defendants and DP World. Investigator Papa Alboury Ndao told the court in February[when?] that he had discovered two payments of $13 million each from a subsidiary of DP World FZE to a Singapore bank account belonging to Karim Wade. However the bank in Singapore refused to cooperate and Ndao was forced to drop that line of inquiry.[20]


What is there not to like about PCB? Every condo/hotel that I have stayed in has been amazing! All with a beach view I might add. My favorite places to eat are the All American Diner and breakfast, lunch, or dinner! They have good food and nice friendly staff every single time. And my other favorite is Sharky's Beachfront Restaurant! SHEESH! The food and the drinks are delicious and reasonably priced for a tourist town and the portions are huge! Panama City Beach is my favorite place to visit!
Prior to the ruling, Maryam Nawaz had tweeted denial of wrongdoing, adding that she did not own "any company/property abroad," except as "a trustee" in a brother's corporation, "which only entitles me to distribute assets to my brother Hussain's family/children if needed."[369] The leaked documents name her as a trustee of Nescoll, created in 1993, and Nielson, first registered in 1994. The two companies subscribed to Mossack Fonseca services in July 2006. Mossack Fonseca was managing Nescoll, Nielsen Holdings, and Coomber Group when the three companies obtained a £7 million mortgage from the Swiss bank, Deutsche Bank (Suisse) SA and purchased four flats in Avenfield House, at 118 Park Lane in London. Hassan, the other brother, bought Hangon Holdings and its stock in 2007 for £5.5 million; Hangon then bought property, financed through the Bank of Scotland, at 1 Hyde Park Place in London.
Zillow helps you find the newest Panama City real estate listings. By analyzing information on thousands of single family homes for sale in Panama City, Florida  and across the United States, we calculate home values (Zestimates) and the Zillow Home Value Price Index for Panama City proper, its neighborhoods and surrounding areas. There are currently 1,029 for sale listings in Bay County FL zip codes, including condos, bank owned homes, short sales, townhomes, duplexes, land and luxury listings. If you're looking to rent in Panama City FL, check out our extensive list of luxury apartments and townhomes. We make it easy to find your dream home by filtering home types, price and size. Filtering with keyword search is also possible, like "waterfront" or step inside homes in Panama City.
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
According to Ouestaf the documents make it clear that while Crei investigators were interested in the funds in Pouye's Monaco account, they did not know that their source was an offshore account he created himself.[20] The two contracts prove that there was in fact a relationship between the defendants and DP World. Investigator Papa Alboury Ndao told the court in February[when?] that he had discovered two payments of $13 million each from a subsidiary of DP World FZE to a Singapore bank account belonging to Karim Wade. However the bank in Singapore refused to cooperate and Ndao was forced to drop that line of inquiry.[20]
When Ukrainian president Petro Poroshenko took office in 2014, a popular uprising had just toppled his predecessor, Viktor Yanukovych.[292] Poroshenko pledged to sell his candy business (Roshen) if elected, but leaked documents indicate that on August 21, 2014 he instead had Mossack Fonseca set up offshore holding company Prime Asset Partners Ltd in the British Virgin Islands and moved his company there, roughly two months after the election. The move had the potential to save him millions of dollars on his Ukrainian taxes.[293] Records in Cyprus show him as the firm's only shareholder.[294] Some legal experts say the explanation may be sound;[295] however this isn't making a difference to Ukrainian media making the point that Poroshenko opened his offshore account in August 2014 as Ukrainian soldiers were being massacred by the Russians in Ilovaisk.[295] The Panama Papers report may also have figured in the defeat of a trade deal with the Netherlands in a referendum there on April 6.[295]
The Panamanian currency is officially the balboa, fixed at a rate of 1:1 with the United States dollar since Panamanian independence in 1903. In practice, Panama is dollarized: U.S. dollars are legal tender and used for all paper currency, and whilst Panama has its own coinage, U.S. coins are widely used. Because of the tie to US dollars, Panama has traditionally had low inflation. According to the Economic Commission for Latin America and the Caribbean, Panama's inflation in 2006 was 2.0 percent as measured by a weighted Consumer Price Index.[68]
Kojo Annan, son of former Secretary-General of the United Nations Kofi Annan, appears with Laolu Saraki, the son of the late Nigerian senator Abubakar Olusola Saraki, as shareholders in Blue Diamond Holding Management Corp, registered by Mossack Fonseca in the British Virgin Islands in 2002.[29] The two were directors of Sutton Energy Ltd, also registered in the British Virgin Islands in 2002, then transferred to Samoa.[29] In 2015, Annan used another shell company first registered in the British Virgin Islands, then transferred to Samoa, to purchase an apartment in London for $500,000.[29]

When Ukrainian president Petro Poroshenko took office in 2014, a popular uprising had just toppled his predecessor, Viktor Yanukovych.[292] Poroshenko pledged to sell his candy business (Roshen) if elected, but leaked documents indicate that on August 21, 2014 he instead had Mossack Fonseca set up offshore holding company Prime Asset Partners Ltd in the British Virgin Islands and moved his company there, roughly two months after the election. The move had the potential to save him millions of dollars on his Ukrainian taxes.[293] Records in Cyprus show him as the firm's only shareholder.[294] Some legal experts say the explanation may be sound;[295] however this isn't making a difference to Ukrainian media making the point that Poroshenko opened his offshore account in August 2014 as Ukrainian soldiers were being massacred by the Russians in Ilovaisk.[295] The Panama Papers report may also have figured in the defeat of a trade deal with the Netherlands in a referendum there on April 6.[295]

Isabel Saint Malo de Alvarado, Vice President of Panama, said in an op-ed piece published April 21 in The Guardian that President Juan Carlos Varela and his administration have strengthened Panama's controls over money-laundering in the twenty months they have been in power, and that "Panama is setting up an independent commission, co-chaired by the Nobel laureate Joseph Stiglitz, to evaluate our financial system, determine best practices, and recommend measures to strengthen global financial and legal transparency. We expect its findings within the next six months, and will share the results with the international community."[131]

Guinean President Alpha Condé launched an investigation after he was elected in 2010. Separately, so did the US Federal Bureau of Investigation (FBI) and the US justice department, suspecting violations of the Foreign Corrupt Practices Act. In August 2014 Mossack Fonseca received a Tax Information Exchange Agreement (TIEA) notice from the US government inquiring into ownership of Pentler and two other BSGR companies administered by Mossack Fonseca's Geneva office. However, the president of Pentler's financial management firm, Menachem Eitan, was a fugitive from the US SEC facing charges over a $55 million Ponzi scheme.[460]
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