Three Mossack Fonseca companies started for clients of Helene Mathieu Legal Consultants were later sanctioned by the US Treasury's Office of Foreign Assets Control (OFAC). Pangates International Corporation was accused in July 2014 of supplying the government of Syria with "a large amount of specialty petroleum products" with "limited civilian application in Syria". The other two, Maxima Middle East Trading and Morgan Additives Manufacturing Co, and their owners Wael Abdulkarim and Ahmad Barqawi, were said to have "engaged in deceptive measures" to supply oil products to Syria.[100]
"John Doe", the whistleblower who leaked the documents to German journalist Bastian Obermayer[7][8] from the newspaper Süddeutsche Zeitung (SZ), remains anonymous, even to the journalists who worked on the investigation. "My life is in danger", he told them.[9] In a May 6, 2016, statement, John Doe cited income inequality as the reason for his action, and said he leaked the documents "simply because I understood enough about their contents to realize the scale of the injustices they described". He added that he had never worked for any government or intelligence agency and expressed willingness to help prosecutors if granted immunity from prosecution. After SZ verified that the statement did in fact come from the source for the Panama Papers, the International Consortium of Investigative Journalists (ICIJ) posted the full document on its website.[10][11]
Showbiz personality Carmen Lomana said that after the death of her husband, owner of the offshore company, she took care of it but without knowing anything at all about the business or about tax. Bertín Osborne, host and Spanish singer, and the famous actor Imanol Arias, protagonist of one of the longest and most important series of the Spanish television, Cuéntame cómo pasó, were named. Osborne said his account was legal and that he used it as recommended, to save money. He is also involved in a scandal over fraud to the Treasury, with actress and fellow protagonist on the series, Ana Duato. Juan Luis Cebrián, journalist, co-founder of El País, and CEO of Prisa, a Spanish media conglomerate, owns 2% of Star Petroleum, a related oil corporation with tax havens. After being named, he decided to take legal action against La Sexta, who revealed his involvement in this scandal.[271][272][273][274][275][276]
Minister of Industry and Mines Abdeslam Bouchouareb has been sole owner of a Panamanian-registered offshore company known as Royal Arrival Corp since 2015. The company, active in Turkey, Great Britain and Algeria, is managed through Compagnie d'Etude et de Conseil (CEC), based in Luxembourg, and has an account in the Swiss NBAD Private Bank. CEC confirmed the ownership of Royal Arrival and said it managed the minister's inherited assets with transparency.[438]
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,[233] with newspapers reporting the involvement of several politicians, government officials, bankers and company managers.[234] As of May 2017, there were no criminal or judicial consequences for any of the involved.
Spanish is the official and dominant language. The Spanish spoken in Panama is known as Panamanian Spanish. About 93 percent of the population speak Spanish as their first language. Many citizens who hold jobs at international levels, or at business corporations, speak both English and Spanish. Native languages, such as Ngäbere, are spoken throughout the country, mostly in their native territories. Over 400,000 Panamanians keep their native languages and customs.[75] Some new statistics show that as second language, English is spoken by 10 percent, French by 4 percent and Arabic by 1 percent.[76]
The Procuraduría de la Nación announced that it would investigate Mossack Fonseca and the Panama papers.[146] On April 12, the newly formed Second Specialized Prosecutor against Organized Crime raided Mossack Fonseca and searched their Bella Vista office as part of the investigation initiated by the Panama Papers. The Attorney General's office issued a press release following the raid, which lasted 27 hours,[147] stating that the purpose was "to obtain documents relevant to the information published in news articles that establishes the possible use of the law firm in illegal activities".[148] The search ended without measures against the law firm, confirmed prosecutor Javier Caraballo of the Second Prosecutor Against Organized Crime.[149]
Following the May publication of this report, the National Assembly passed a law making it illegal to report company ownership[331] and another giving former presidents and first ladies lifelong legal immunity.[332] Khadija Ismayilova, the Radio Free Europe reporter on the 2012 investigation was subjected to escalating legal and public harassment. She was threatened and eventually arrested. She is currently serving a 7.5 year sentence for tax evasion and abuse of power.[333]
According to the ICIJ, Aliyev's daughter Arzu not only has financial stakes not only in gold rights but also in Azerfon, the country's largest mobile phone business. She has shares in SW Holding, which "controls nearly every operation related to Azerbaijan Airlines" (Azal), from meals to airport taxis. Both sisters and their brother Heydar own property in Dubai valued at roughly $75 million in 2010; Heydar is the legal owner of nine luxury mansions in Dubai purchased for some $44 million.[334]
By 1900 Panama wanted to declare itself independent from Colombia and in 1903, Panama declared independence and the U.S. recognized the sovereignty of the new country. Colombia finally relinquished in 1921 and declared Panama a separate nation. As U.S. presence increased with the building of the canal, taken on from the French, but the U.S. influence and intervention was not welcomed in all circles of Panama.
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]
Azerbaijan International Mineral Resources Operating Company Ltd (AIMROC) and its consortium partners spent nearly US$230 million to open a mine and build a refinery in the western Azerbaijani village of Chovdar. AIMROC possibly produced US$30 million in gold before suddenly disappearing without making payroll in May 2014.[325] Mine employees officially remain on vacation and under Azerbaijani law full-time employees cannot seek work elsewhere even though they have not been paid for two years.[326]
Rami Makhlouf, a maternal cousin of Bashar Al-Assad, was worth an estimated $5 billion before the Syrian Civil War, and had control of 60% of the economy. He was subject to sanctions by the United States and the European Union, and controlled Syria's oil and telecommunications business.[383] The US Treasury charged that Pangates, a company registered to him, supplied the Assad government with a thousand tonnes of aviation fuel.[384] However, the Makhloufs were able to continue to operate via Panama shell companies,[103] registered in the British Virgin Islands, and so not subject to US law – however, on May 9, 2011, the EU issued its own sanctions, and these were extended by an order in council to the British Virgin Islands in July 2011.[385] Mossack Fonseca decided September 6 to resign from Makhlouf's companies. By then, Makhlouf had already cut ties with his bank. HSBC told the law firm that the Swiss authorities had frozen Makhlouf's accounts, and that "they have had no contact with the beneficial owner of this company since the last 3 months".[385]
By 1900 Panama wanted to declare itself independent from Colombia and in 1903, Panama declared independence and the U.S. recognized the sovereignty of the new country. Colombia finally relinquished in 1921 and declared Panama a separate nation. As U.S. presence increased with the building of the canal, taken on from the French, but the U.S. influence and intervention was not welcomed in all circles of Panama.
Since the early 20th century, Panama has with the revenues from the canal built the largest Regional Financial Center (IFC)[59] in Central America, with consolidated assets being more than three times that of Panama's GDP. The banking sector employs more than 24,000 people directly. Financial intermediation contributed 9.3 percent of GDP.[60] Stability has been a key strength of Panama's financial sector, which has benefited from the country's favorable economic and business climate. Banking institutions report sound growth and solid financial earnings. The banking supervisory regime is largely compliant with the Basel Core Principles for Effective Banking Supervision.[61] As a regional financial center, Panama exports some banking services, mainly to Latin America, and plays an important role in the country's economy. However, Panama still cannot compare to the position held by Hong Kong or Singapore as financial centers in Asia.
The Río Chepo, another source of hydroelectric power, is one of the more than 300 rivers emptying into the Pacific. These Pacific-oriented rivers are longer and slower-running than those on the Caribbean side. Their basins are also more extensive. One of the longest is the Río Tuira, which flows into the Golfo de San Miguel and is the nation's only river that is navigable by larger vessels.
Anti-corruption group Transparency International believes that the "creation of businesses while serving as president is a direct violation of the constitution".[296] Also, journalists from the Organized Crime and Corruption Reporting Project believe that with the move Poroshenko committed two other illegalities, starting a new business while in office and failing afterwards to report it on his disclosure statements.[296] Poroshenko denied any wrongdoing and a spokesman said the offshore company had no active assets and was a legitimate corporate restructure aimed at helping to sell Poroshenko's Roshen group.[296] Analysts in Ukraine responded that the secretive way Poroshenko set up these accounts was certain to undermine trust in him, his party and Ukraine itself.[297]
Putin denied "any element of corruption", and said his opponents are trying to destabilize Russia.[245] Putin also said: "WikiLeaks has showed us that official people and official organs of the US are behind this."[246] 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.[247] The Kremlin apologized for this "mistake".[248]
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]

Canadian prime minister Justin Trudeau has denied any involvement in the affair, saying he had "entirely and completely been transparent about mine and my family's finances. That is something I learned early on that Canadians expect from their leaders."[392] Canada Revenue Agency said in a statement that its current tax evasion audits include "some Canadian clients associated with law firm Mossack Fonseca,"[393] and added that it would "communicate" with its treaty partners to obtain any further information that may not currently be in its possession." The CRA has tax treaties with 92 different countries and 22 Tax Information Exchange Agreements.[392][393] The CRA has begun or completed 116 audits and 234 more are planned. These investigations are expected to recoup at least $11 million in taxes and fines. Fewer than 10 related criminal investigations are in progress. [394]

Panama City is a city and the county seat of Bay County, Florida, United States. Located along U.S. Route 98, it is the largest city between Tallahassee, Florida and Pensacola, Florida. It is the larger (population-wise) of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. As of the 2010 census, the city population was 36,484. When Panama City was incorporated in 1909, its original city limits were 15th Street (Hwy 98) on the north, Balboa Avenue on the west and Bay Avenue on the east.[citation needed]
There’s a palpable excitement as the country is coming into its own. You can see it in the exciting food and culture scenes and the flashy, innovative architecture and the new industries that are adding to local offerings. New laws to encourage filmmaking paved the way for Panama to get its very own International Film Festival. The annual jazz festival is a renowned event. Major international summits are held at Panama’s large, modern convention centers.
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.
The United States government said Operation Just Cause, which began on December 20, 1989, was "necessary to safeguard the lives of U.S. citizens in Panama, defend democracy and human rights, combat drug trafficking, and secure the neutrality of the Panama Canal as required by the Torrijos–Carter Treaties" (New York Times, A Transcript of President Bush's Address n.p.).[33] Human Rights Watch wrote in its 1989 report: "Washington turned a blind eye to abuses in Panama for many years until concern over drug trafficking prompted indictments of the general [Noriega] by two grand juries in Florida in February 1988".[34] The US reported 23 servicemen killed and 324 wounded, with Panamanian casualties estimated around 450. Described as a surgical maneuver, the action led to estimates of civilian death from 200 to 4,000 during the two weeks of armed activities. The United Nations put the Panamanian civilian death toll at 500, the United States gave a figure of 202 civilians killed and former US attorney general Ramsey Clark estimated 4,000 deaths.[35][36] It represented the largest United States military operation since the end of the Vietnam War (Cajar Páez 22)[37] The number of US civilians (and their dependents), who had worked for the Panama Canal Commission and the US military, and were killed by the Panamanian Defense Forces, has never been fully disclosed.
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.
The Swedish Financial Supervisory Authority (FI) has said that "serious deficiencies" exist in how Nordea monitors for money laundering, and had given the bank two warnings. In 2015 Nordea had to pay the largest possible fine—over five million EUR.[280] In 2012 Nordea asked Mossack Fonseca to change documents retroactively so that three Danish customers' power of attorney documents would appear to have been in force since 2010.[280] The director for Nordea Private Banking, Thorben Sanders, has admitted that before 2009 Nordea did not screen for tax evaders: "In the end of 2009 we decided that our bank shall not be a means of tax evasion," said Sanders.[280] Other Swedish banks are also present in the documents, but Nordea occurs 10,902 times and the next most frequently mentioned bank only occurs 764 times.[282] The Swedish Financial Supervisory Authority (FI) later said that they would also investigate the other three big banks in Sweden: Handelsbanken, Skandinaviska Enskilda Banken (SEB) and Swedbank.[citation needed]
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]
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.
^ 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.
^ 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.
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]
The Ministry of Economy and Finance of Panama, Dulcidio de la Guardia, formerly an offshore specialist at Mossack Fonseca competitor Morgan & Morgan, said the legal but often "murky" niche of establishing offshore accounts, firms and trusts make up "less than half a percentage point" of Panama's GDP. He appeared to suggest that publication of the papers was an attack on Panama because of the high level of economic growth that the country had shown.[137]

President Barack Obama addressed the overseas shell companies listed by the leak in a press conference: "It's not that they're breaking the laws," he said, "it's that the laws are so poorly designed that they allow people, if they've got enough lawyers and enough accountants, to wiggle out of responsibilities that ordinary citizens are having to abide by."[420] Although no leader in the US was mentioned in the Panama Papers, Obama said that "Frankly, folks in America are taking advantage of the same stuff".[421]
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