In 2006, the Pakistani National Accountability Bureau (NAB) accused Bhutto, Malik and Ali Jaffery of owning Petrofine, established since 2000 in Sharjah, United Arab Emirates. Bhutto and the Pakistan Peoples Party denied it. In April 2006 an NAB court froze assets owned in Pakistan and elsewhere by Bhutto and her husband Asif Ali Zardari, saying that the assets, totaling $1.5 billion, were the result of corrupt practices, and that Swiss charges of criminal money laundering filed in 1997 were still in litigation.
Panamá is located between the Pacific Ocean and tropical rain forest in the northern part of Panama. The Parque Natural Metropolitano (Metropolitan Nature Park), stretching from Panama City along the Panama Canal, has unique bird species and other animals, such as tapir, puma, and caimans. At the Pacific entrance of the canal is the Centro de Exhibiciones Marinas (Marine Exhibitions Center), a research center for those interested in tropical marine life and ecology, managed by the Smithsonian Tropical Research Institute.
In Panama, nature is all about discovery. Explore the ruins of Spanish forts on the Caribbean coast or boat deep into indigenous territories in a dugout canoe. Wildlife is incidental: a resplendent quetzal on the highland trail, an unruly troupe of screeching howler monkeys outside your cabin or a breaching whale that turns your ferry ride into an adrenaline-filled event. Adventure tourism means zipping through rainforest canopies, swimming alongside sea turtles or trekking to sublime cloud-forest vistas. One small tropical country with two long coasts makes for a pretty big playground.
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. The economic damage caused by the intervention has been estimated between 1.5 and 2 billion dollars. n.p. Most Panamanians supported the intervention.
The dominant feature of Panama's geography is the central spine of mountains and hills that forms the continental divide. The divide does not form part of the great mountain chains of North America, and only near the Colombian border are there highlands related to the Andean system of South America. The spine that forms the divide is the highly eroded arch of an uplift from the sea bottom, in which peaks were formed by volcanic intrusions.
Two years after the Panama Papers rocked the offshore financial system, a fresh document leak from Panamanian law firm Mossack Fonseca reveals new financial details about an array of global elites, including soccer superstar Lionel Messi, the family of the Argentine president, and a former senior Kuwaiti official convicted of looting his country’s social security system.
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. 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. 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. Through May 2013 OAS paid Pembury at least TT$896,000; totals beyond that date are not currently available.
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."
Art collectors Marina Ruiz-Picasso and Borja Thyssen have Mossack Fonseca companies. Thyssen's lawyer said his company was fully declared to tax authorities and Ruiz-Picasso declined comment. Other celebrities involved include Spanish director Pedro Almodóvar, who won an Oscar in 2003 for Habla con ella and with his brother Agustin created a company in 1991 called Glen Valley in the British Virgin Islands. Agustin responded saying he closed the company in 1994 and it paid all of its taxes.
The ICIJ's Offshore Leaks Database shows that Portugal had 246 Offshore Entities, 300 Officers, 40 Intermediaries and 175 Addresses linked to the activities described in the Mossack-Fonseca papers, with newspapers reporting the involvement of several politicians, government officials, bankers and company managers. As of May 2017, there were no criminal or judicial consequences for any of the involved.
The construction of the Panama Canal was of great benefit to the infrastructure and economy. Of particular note are the improvements in health and sanitation brought about by the American presence in the Canal Zone. Dr. William Gorgas, the chief sanitary officer for the canal construction, had a particularly large impact. He hypothesized that diseases were spread by the abundance of mosquitos native to the area, and ordered the fumigation of homes and the cleansing of water. This led to yellow fever being eradicated by November 1905, as well malaria rates falling dramatically. However, most of the laborers for the construction of the canal were brought in from the Caribbean, which created unprecedented racial and social tensions in the city.
The US Dodd-Frank Act was supposed to help bring about the end of conflict diamonds and minerals in the US. The idea was that public opinion would force divestment over time. Section 1502 does not require divestment, but does mandate disclosure. But instead the disclosure requirement has simply meant new business opportunities for money launderers.
Law firms play a central role in offshore financial operations. Mossack Fonseca is one of the biggest in its field and the biggest financial institutions refer customers to it. Its services to clients include incorporating and operating shell companies in friendly jurisdictions on their behalf. They can include creating "complex shell company structures" that, while legal, also allow the firm's clients "to operate behind an often impenetrable wall of secrecy". The leaked papers detail some of their intricate, multilevel, and multinational corporate structures. Mossack Fonseca has acted with global consultancy partners like Emirates Asset Management Ltd, Ryan Mohanlal Ltd, Sun Hedge Invest and Blue Capital Ltd on behalf of more than 300,000 companies, most of them registered in the British Overseas Territories.
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. 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.
Panama's politics take place in a framework of a presidential representative democratic republic, whereby the President of Panama is both head of state and head of government, and of a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the National Assembly. The judiciary is independent of the executive and the legislature.
In 2018, investigative media Bivol.bg accessed the Panama Papers under an agreement with the International Consortium of Investigative Journalists. Later, they published a story about the offshore company Viafot which is attempting to acquire a key asset of Bulgaria's defense industry: the arms producer Dunarit. The Panama Papers show that Viafot is owned by Alexander Angelov who is the lawyer of media mogul Delyan Peevski. Other Bulgarian media had reported how all state institutions help Viafot acquire Dunarit through illegitimate means. However, no inquiry was opened by Bulgaria's General Prosecutor Sotir Tsatsarov.
Mr. Cameron, whose father was a client of the Panamanian law firm, initially said he had not benefited from any “offshore funds,” only to confirm later that he and his wife had profited when they sold shares in an offshore trust for 30,000 pounds ($42,160) in 2010, the year he became prime minister. (The dividends they earned were declared and taxed, Mr. Cameron said.)
These companies were registered in Panama, according to the documents obtained from Panama Registry of Companies. A one of them, Fargate Mining Corporation was founded by Tagiva Management Ltd., Tagiva Services Ltd. and Verda Management Ltd. They issued the General Power of Attorney granted in favour of Azerbaijan-born individual Mr. Nasib Hasanov. Later, Londex Resources S.A., Globex International LLP, Fargate Mining Corporation and Willy&Meyris S.A. had been registered again at St. Kitts and Nevis with same addresses. It already used for registering other offshore energy holding – The Nobel Oil Ltd., partner of the state oil company SOCAR in Azerbaijan over Umid gas field. Founder of Nobel Oil Group also is Mr. N. Hasanov.
Putin denied "any element of corruption", and said his opponents are trying to destabilize Russia. Putin also said: "WikiLeaks has showed us that official people and official organs of the US are behind this." On 2016's annual Direct Line with Vladimir Putin, he called the leaked documents "reliable" but confined his comments to Roldugin, saying that Western media did not understand that the musician has spent all his off-shore income on "musical instruments for Russia". Putin also said Goldman Sachs owned shares in the parent company of Süddeutsche Zeitung, which is in fact owned by a Munich family and a German media group. The Kremlin apologized for this "mistake".
Mossack Fonseca approached Niue in 1996 and offered to help set up a tax haven on the tiny South Sea island. The law firm drafted the necessary legislation, permitting offshore companies to operate in total secrecy. They took care of all the paperwork, the island got a modest fee for each filing, and it seemed like quite a deal, even if they were required by law now to provide all banking paperwork in Russian and Chinese as well as English.
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).
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
According to the Panama Papers, Kabila's twin sister owns part of an offshore company with interests in Congo that include a part of mobile-phone company Vodacom Congo. The government called a press conference to warn journalists against printing the names of any Congolese figures that might appear in the documents. Kabila's sister, Jaynet Désirée Kabila Kyungu and Feruzi Kalume Nyembwe, an advisor to their late father and former president Laurent-Désiré Kabila are both directors of Keratsu Holding Limited, a company registered in Niue through Mossack Fonseca a few months after the elder Kabila's assassination. Keratsu held 19.6% of the shares in Congolese Wireless Network, which held 49% of Vodacom Congo.
The Pacific coastline is extended by the Azuero Peninsula and the Gulf of Panama and by numerous headlands and bays, whereas the largest embayment on the Caribbean side is Chiriquí Lagoon. The Pacific coastline is more indented and irregular, and its continental shelf is much wider than that on the Atlantic side. In addition, most of the republic’s more than 1,600 islands lie off its Pacific coast; they include the Perlas Archipelago (Pearl Islands) and the islands of Taboga, Cébaco, Parida, Jicarón, and Coiba, the largest. The principal archipelagoes off the Caribbean coast are those of Bocas del Toro and San Blas.
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.