Conservative supermarket magnate Ricardo Martinelli was elected to succeed Martin Torrijos with a landslide victory in the May 2009 presidential election. Martinelli's business credentials drew voters worried by slowing growth due to the 2008 financial crisis. Standing for the four-party opposition Alliance for Change, Martinelli gained 60 percent of the vote, against 37 percent for the candidate of the governing left-wing Democratic Revolutionary Party.
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. 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.
Nearly 500 rivers lace Panama's rugged landscape. Mostly unnavigable, many originate as swift highland streams, meander in valleys, and form coastal deltas. However, the Río Chagres (Chagres River), located in central Panama, is one of the few wide rivers and a source of hydroelectric power. The central part of the river is dammed by the Gatun Dam and forms Gatun Lake, an artificial lake that constitutes part of the Panama Canal. The lake was created by the construction of the Gatun Dam across the Río Chagres between 1907 and 1913. Once created, Gatun Lake was the largest man-made lake in the world, and the dam was the largest earth dam. The river drains northwest into the Caribbean. The Kampia and Madden Lakes (also filled from the Río Chagres) provide hydroelectricity for the area of the former Canal Zone.
Kalotti, which exports about 40% of Dubai's gold, bought about $5.2 billion in gold in 2012 with little to no paperwork, according to Ernst & Young partner Amjad Rihan. Rijan has said that both the DMCC and his employer squashed his concerns, and the DMCC changed its audit procedures to ensure a more favorable outcome in the future. ANCIR journalists obtained records showing that Kalotti has sold "scrap gold" to other refiners including Valcambi. Leaked documents show PAMP Holding Mauritius signed an agreement with MKS Holding BV and two shell companies described as its beneficial owners: Panama-based Mountside Investment and Hong Kong-based Dynamic Bonus Limited. In 2010 MKS Holdings owned 72% of a joint venture between MMTC Ltd., owned by the State of India, and Switzerland's PAMP. This joint venture does supply big multinationals like Apple.
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.
The Bangkok Post reported that the "Anti-Money Laundering Office (AMLO) is seeking information from its foreign counterparts regarding twenty-one Thai nationals reportedly included in a list of people worldwide using a Panama-based law firm apparently specializing in money laundering and tax evasion." It is not clear why AMLO is investigating only twenty-one. The Panama Papers include at least 780 names of individuals based in Thailand and another 50 companies based in Thailand. Some are foreigners or foreign-owned companies, but 634 individual addresses in Thailand appear in the documents that have surfaced to date, including the CEOs of giant companies Bangkok Land and Phatra Finance.
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 International Consortium of Investigative Journalists helped organize the research and document review once Süddeutsche Zeitung realized the scale of the work required to validate the authenticity of 2.6 terabytes of leaked data. They enlisted reporters and resources from The Guardian, the BBC, Le Monde, SonntagsZeitung, Falter, La Nación, German broadcasters NDR and WDR, and Austrian broadcaster ORF, and eventually many others. Ultimately, "reporters at 100 news media outlets working in 25 languages had used the documents" to investigate individuals and organizations associated with Mossack Fonseca.
Additional stories were released based on this data, and the full list of companies was released in early May 2016. The ICIJ later announced the release on May 9, 2016 of a searchable database containing information on over 200,000 offshore entities implicated in the Panama Papers investigation and more than 100,000 additional companies implicated in the 2013 Offshore Leaks investigation. Mossack Fonseca asked the ICIJ not to publish the leaked documents from its database. "We have sent a cease and desist letter," the company said in a statement.
Many individuals mentioned in the Panama Papers are connected with the world governing body of association football, FIFA, including the former president of CONMEBOL Eugenio Figueredo; former President of UEFA Michel Platini; former secretary general of FIFA Jérôme Valcke; Argentine player for Barcelona Lionel Messi; and, from Italy, the head manager of Metro, Antonio Guglielmi.
According to ICIJ investigative partner Trinidad Express, Emrith was a close associate of Jack Warner and also owns half the shares in Proteus Holding SA, an investment he refuses to discuss because he says he has a responsibility of confidentiality to fellow shareholders. The Express also says that OAS used a Namibian port development project as camouflage for a $1 million payment from Procopio shell company Santa Tereza Services Ltd to Emirth.
More than 500 banks registered nearly 15,600 shell companies with Mossack Fonseca, with HSBC and its affiliates accounting for more than 2,300 of the total. Dexia and J. Safra Sarasin of Luxembourg, Credit Suisse from the Channel Islands and the Swiss UBS each requested at least 500 offshore companies for their clients. An HSBC spokesman said, "The allegations are historical, in some cases dating back 20 years, predating our significant, well-publicized reforms implemented over the last few years."
Relatives of highly placed Chinese officials including seven current and former senior leaders of the Politburo of the Communist Party of China have been named, including former Premier Li Peng's daughter Li Xiaolin, former Communist Party general secretary Hu Yaobang's son Hu Dehua and Deng Jiagui, the brother-in-law of current general secretary Xi Jinping. Deng had two shell companies in the British Virgin Islands while Xi was a member of the Politburo Standing Committee, but they were dormant by the time Xi became General Secretary of the Communist Party (paramount leader) in November 2012. Others named include the son and daughter-in-law of propaganda chief Liu Yunshan and the son-in-law of Vice-Premier Zhang Gaoli.
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. 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.
The highest point in the country is the Volcán Barú, which rises to 3,475 metres (11,401 feet). A nearly impenetrable jungle forms the Darién Gap between Panama and Colombia where Colombian guerrillas and drug dealers operate and sometimes take hostages. This and unrest, and forest protection movements, create a break in the Pan-American Highway, which otherwise forms a complete road from Alaska to Patagonia.
WikiLeaks spokesperson Kristinn Hrafnsson, an Icelandic investigative journalist who worked on Cablegate in 2010, said withholding some documents for a time does maximise the leak's impact, but called for full online publication of the Panama Papers eventually. A tweet from WikiLeaks criticized the decision of the ICIJ to not release everything for ethical reasons: "If you censor more than 99% of the documents you are engaged in 1% journalism by definition."
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. 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.
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.
Austria's financial market authority has announced that they will audit two Austrian banks that were mentioned in the Panama Papers – Raiffeisenbank International (RBI) and Hypo Vorarlberg [de]. It will be specifically examining whether the banks have complied with their obligation to prevent money laundering. Hypo Vorarlberg subsequently announced that while they have complied with all laws in the past, they are planning to retreat completely from the offshore sector.
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.).
A commonly relayed legend in Panama is that there was a fishing village that bore the name "Panamá", which purportedly meant "an abundance of fish", when the Spanish colonizers first landed in the area. The exact location of the village is unknown. The legend is usually corroborated by Captain Antonio Tello de Guzmán's diary entries, who reports landing at an unnamed village while exploring the Pacific coast of Panama in 1515; he only describes the village as a "same small indigenous fishing town". In 1517, Don Gaspar de Espinosa, a Spanish lieutenant, decided to settle a post in the same location Guzmán described. In 1519, Pedrarias Dávila decided to establish the Spanish Empire's Pacific port at the site. The new settlement replaced Santa María La Antigua del Darién, which had lost its function within the Crown's global plan after the Spanish exploitation of the riches in the Pacific began.
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.
^ "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.
Hamad bin Jassim bin Jaber Al Thani, prime minister from 2007 to 2013, in 2002 acquired three shell companies incorporated in the Bahamas and another in the British Virgin Islands and through them moorage in Mallorca and a $300 million yacht named Al Mirqab. The Panama Papers indicate he owns or owned eight shell companies. Subsequent reporting by Forbes found that Al Thani bought $700 million in Deutsche Bank shares in 2014 through Paramount Services Holdings and in 2015 transferred roughly half the stock to Supreme Universal Holdings, owned by a relative who had left office as emir of Qatar, also in 2013.
Overall, I am giving this movie a 7/10 because this is a very important global issue, and this movie is trying to raise awareness of it, so I believe it is a well-intentioned movie. Many of the points raised and the descriptions of the activities of offshore funds shown in the movie are indeed informative and relevant. But my advice is that if you are interested in the Panama Papers themselves, you will have to go to the newspapers and the databases which are publically accesible and do your own research. Sadly, an opportunity to describe and summarize properly this scandal to global audiences is somewhat lost between self-congratulatory interviews to journalists and retellings of depressing economic statistics of the world interlaced with emotionally charged pictures, that add very little to the story itself.
From 1903 to 1968, Panama was a constitutional democracy dominated by a commercially oriented oligarchy. During the 1950s, the Panamanian military began to challenge the oligarchy's political hegemony. The early 1960s saw also the beginning of sustained pressure in Panama for the renegotiation of the Hay–Bunau-Varilla Treaty, including riots that broke out in early 1964, resulting in widespread looting and dozens of deaths, and the evacuation of the American embassy.
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.
One year before the start of the California Gold Rush, the Panama Railroad Company was formed, but the railroad did not begin full operation until 1855. Between 1848 and 1869, the year the first transcontinental railroad was completed in the United States, about 375,000 persons crossed the isthmus from the Atlantic to the Pacific, and 225,000 in the opposite direction. This traffic greatly increased the prosperity of the city during that period.
Mossack Fonseca has managed more than 300,000 companies over the years. The number of active companies peaked at more than 80,000 in 2009. Over 210,000 companies in twenty-one jurisdictions figure in the leaks. More than half were incorporated in the British Virgin Islands, others in Panama, the Bahamas, the Seychelles, Niue, and Samoa. Mossack Fonseca's clients have come from more than 100 countries. Most of the corporate clients were from Hong Kong, Switzerland, the United Kingdom, Luxembourg, Panama, and Cyprus. Mossack Fonseca worked with more than 14,000 banks, law firms, incorporators, and others to set up companies, foundations, and trusts for their clients. Some 3,100 companies listed in the database appear to have ties to US offshore specialists, and 3,500 shareholders of offshore companies list US addresses. Mossack Fonseca has offices in Nevada and Wyoming.
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. 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. 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.
Also in 2005, Zacharias (Zacky) Nujoma, youngest son of Sam Nujoma, set up two holding companies, Avila Investments and Marbella Investments, and licensed them to buy and cut diamonds. Shortly afterwards 90% of the stock was transferred to Diamond Ocean. In 2006 Nujoma established Ancash Investments, which obtained seven exclusive uranium prospecting licenses. Palazzolo loaned the company US$10 million. Canadian mining company announced it would partner with Ancash in its uranium contracts and said it based its decision in part on Ancash's strong international support in Natural Earth International Ltd. of Hong Kong. Natural Earth is another Deutsche Investment company.
Money-laundering affects the first world as well, since a favored shell company investment is real estate in Europe and North America. London, Miami, New York, Paris, Vancouver and San Francisco have all been affected. The practice of parking assets in luxury real estate has been frequently cited as fueling skyrocketing housing prices in Miami, where the Miami Association of Realtors said that cash sales accounted for 90% of new home sales in 2015. "There is a huge amount of dirty money flowing into Miami that's disguised as investment," according to former congressional investigator Jack Blum. In Miami, 76% of condo owners pay cash, a practice considered a red flag for money-laundering.
Among others, the documents named close associates of President Vladimir V. Putin of Russia, the father of Prime Minister David Cameron of Britain and relatives of President Xi Jinping of China and members of the Chinese Communist Party Politburo Standing Committee. Articles published by news organizations in cooperation with the International Consortium of Investigative Journalists also named King Salman of Saudi Arabia; Sigmundur David Gunnlaugsson, who resigned as prime minister of Iceland after the revelations; President Mauricio Macri of Argentina; and the soccer star Lionel Messi, one of the world’s wealthiest athletes.
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.
The end of the encomienda system in Azuero, however, sparked the conquest of Veraguas in that same year. Under the leadership of Francisco Vázquez, the region of Veraguas passed into Castilian rule in 1558. In the newly conquered region, the old system of encomienda was imposed. On the other hand, the Panamanian movement for independence can be indirectly attributed to the abolition of the encomienda system in the Azuero Peninsula, set forth by the Spanish Crown, in 1558 because of repeated protests by locals against the mistreatment of the native population. In its stead, a system of medium and smaller-sized landownership was promoted, thus taking away the power from the large landowners and into the hands of medium and small-sized proprietors.
Leaked documents examined by the ABC "pierced the veil of anonymous shell companies" and linked a Sydney businessman and a Brisbane geologist to mining deals in North Korea. "Rather than applying sanctions, the Australian Government and the ASX seem to have allowed a coach and horses to be ridden through them by the people involved in forming this relationship, corporate relationship with one of the primary arms manufacturers in North Korea," said Thomas Clark of the University of Technology Sydney.
Investigations by ICIJ's sole East Asian partner CommonWealth Magazine in Taiwan found that at least 2,725 offshore companies had registered addresses in Taiwan. Ninety Taiwanese, including the singer and actor Nicky Wu, were included in the papers. According to a report released by CommonWealth Magazine, Wu used the firm Horizon Sky Technology, Ltd. to co-operate with Hong Kong-based Sun Entertainment Culture Limited (zh).
With a plethora of deserted islands, chilled Caribbean vibes on one side and monster Pacific swells on the other, Panama sits poised to deliver the best of beach life. And a whole other world begins at the water's edge. Seize it by scuba diving with whale sharks in the Pacific, snorkeling the rainbow reefs of Bocas del Toro or setting sail in the indigenous territory of Guna Yala, where virgin isles sport nary a footprint. Meanwhile surfers will be psyched to have world-class breaks all to themselves. Hello, paradise.
Prime Minister Ayad Allawi, a former vice president of Iraq, owned property through Mossack Fonseca shell companies registered in Panama and the British Virgin Islands, for security reasons following an assassination attempt, according to his spokesperson, who added that any income from the properties was reported and taxes paid "promptly and on time."
Former South African president Thabo Mbeki, head of the African Union's panel on illicit financial flows, on April 9 called the leak "most welcome" and called on African nations to investigate the citizens of their nations who appear in the papers. His panel's 2015 report found that Africa loses $50 billion a year due to tax evasion and other illicit practices and its 50-year losses top a trillion dollars. Furthermore, he said, the Seychelles, an African nation, is the fourth most mentioned tax haven in the documents.
Casa Loma is located in Panama City Beach and features a Gulf-front outdoor pool and free WiFi access. Pier Park, offering shopping and dining, is 7 minutes' drive away. Just a short walk to the beach but if you didn't want to go to the beach there was a very nice pool to swim in. House keeping was great and so were the staff. There was no problem with parking.
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. 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.
The Procuraduría de la Nación announced that it would investigate Mossack Fonseca and the Panama papers. 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, 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". The search ended without measures against the law firm, confirmed prosecutor Javier Caraballo of the Second Prosecutor Against Organized Crime.