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.[269][289] 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.[269]
The city proper has approximately 880,691 inhabitants in 23 boroughs.[25] The inhabitants of Panama City are commonly referred to as capitalinos and include large numbers of Afro-Panamanians, mestizos, and mulattos, with notable white and Asian minorities.[26] There is a great deal of cultural diversity within the city, which manifests itself in the wide variety of languages commonly spoken, such as German, Portuguese, French, Arabic, Chinese, Hebrew and English, in addition to Spanish.[18]

Reporters sorted the documents into a huge file structure containing a folder for each shell company, which held the associated emails, contracts, transcripts, and scanned documents Mossack Fonseca had generated while doing business with the company or administering it on a client's behalf.[52] Some 4.8 million leaked files were emails, 3 million were database entries, 2.2 million PDFs, 1.2 million images, 320,000 text files, and 2242 files in other formats.[52][59]


Mossack Fonseca documents provide new insight and confirmation for a previously-litigated tax case where an offshore company transferred its registration to avoid paying capital gains tax in Uganda.[482] The documents show that Heritage Oil and Gas Limited (HOGL) knew in advance of a capital gains tax that Uganda planned to enact. HOGL was then operating in Uganda and planned to sell half its Ugandan assets. It "urgently"[483] moved its registration from the Bahamas to Mauritius to avoid the tax.[482] Mauritius has a double taxation agreement with Uganda, meaning that HOGL would pay tax in only one of the two countries.[482] But Mauritius does not have a capital gains tax, so by moving there Heritage reduced its capital gains tax to zero.[484] Emails clearly show that this was the reason for the transfer, although company attorneys deny it.[482]

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]
You don't have to make it all the way to the Darién to get off the beaten path – though if you do, you've hit one of the most biodiverse spots on the planet. Go where the wild things are. Soak in the spray of towering waterfalls near highland Santa Fé. Visit one of Panama's seven indigenous groups through community tourism. Live out your castaway fantasies in the Guna Yala or idle on a wilderness beach in Península de Azuero. Howl back at the creatures sharing the canopy. Panama is as wild as you want it to be.
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.

Climatic regions are determined less on the basis of temperature than on rainfall, which varies regionally from less than 1,300 millimeters (51.2 in) to more than 3,000 millimeters (118.1 in) per year. Almost all of the rain falls during the rainy season, which is usually from April to December, but varies in length from seven to nine months. In general, rainfall is much heavier on the Caribbean than on the Pacific side of the continental divide. The annual average in Panama City is little more than half of that in Colón. Although rainy-season thunderstorms are common, the country is outside the hurricane belt.
New Zealand's Inland Revenue Department said that they were working to obtain details of people who have tax residence in the country who may have been involved in arrangements facilitated by Mossack Fonseca.[493] Gerard Ryle, director of the International Consortium of Investigative Journalists, told Radio New Zealand on April 8, 2016 that New Zealand is a well-known tax haven and a "nice front for criminals".[494] New Zealand provides overseas investors with foreign trusts and look-through companies. New Zealand government policy is to not request disclosure of the identity of either the settlor or the beneficiaries of the trust, and thus the ownership remains secret, and as a consequence, thus hiding the assets from the trust-holder's home jurisdictions. These trusts are not taxed in New Zealand. These trusts can then be used to acquire and own New Zealand registered companies, which become a vehicle by which the trust owners can exercise day to day control over their assets. These New Zealand-registered companies can be designed not to make a profit using loans from tax havens and other profit shifting techniques: the result being tax free income with the general respectability that has typically been associated with companies registered in New Zealand.
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.[174]

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.
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]
Panama, Vanuatu and Lebanon may find themselves on a list of uncooperative tax havens that the Organisation for Economic Co-operation and Development (OECD) re-activated in July 2016 at the request of G20 nations, warned Le Monde, a French newspaper that participated in the investigation. Those three countries followed none of the OECD's three broad guidelines for international banking cooperation:[51]
Sri Lankan Finance Minister Ravi Karunanayake said his panel will investigate Sri Lankan names that come up in the Panama Papers, as well as the 46 who appear in the 2013 Offshore Leaks, according to the Daily Mail, since earlier leadership apparently did not do so. The country has many large outstanding foreign loans taken out under the administration of former president Mahinda Rajapakse, and the current government recently had to obtain a US$1.5 billion IMF bailout. Rajapakse has denied diverting funds. The current government came to power in January 2016 on an anti-corruption platform.[382]
Coronado is a vibrant community located just one hour from Panama City, and many Panamanians have second homes here on the beach. Of the 5,000 plus population there is a large group of expats which are a mix of Canadians, Americans, and Europeans. Built in 1941, this beach community is trendy with shops, restaurants, activities, and resorts. On weekends it is a favorite getaway spot for Panama City residents to spend time at the beach.
In response to queries from the Miami Herald and ICIJ, Mossack Fonseca issued a 2,900-word statement listing legal requirements that prevent using offshore companies for tax avoidance and total anonymity, such as FATF protocols which require identifying ultimate beneficial owners of all companies (including offshore companies) before opening any account or transacting any business.

On September 1, 1999, Mireya Moscoso, the widow of former President Arnulfo Arias Madrid, took office after defeating PRD candidate Martín Torrijos, son of Omar Torrijos, in a free and fair election.[44][citation needed] During her administration, Moscoso attempted to strengthen social programs, especially for child and youth development, protection, and general welfare. Moscoso's administration successfully handled the Panama Canal transfer and was effective in the administration of the Canal.[44][citation needed]
Newspaper Ming Pao fired deputy editor Keung Kwok-yuen following a front-page article on the Panama Papers which mentioned many prominent Hong Kong citizens. The paper blamed a "difficult business environment," but had previously fired another editor in 2014 over another leak of offshore documents.[346] Employees have been publishing blank columns scattered through the newspaper in protest of his dismissal.[347][348]
The home of several Native American peoples, such as the Guaymí, Kuna, and Chocó, Panama became the first Spanish colony on the Pacific. Celebrated as “the door to the seas and key to the universe,” it served in the 1530s as the staging point for the Spanish conquest of the Inca empire, and until the 19th century it was a transshipment point for gold and silver destined for Spain. With the independence of Colombia, which once controlled Panama, from Spain, Panama came to serve as another staging point, this time for oceangoing migrants to the gold fields of California.
Real estate in London, where housing prices increased 50% from 2007 to 2016, also is frequently purchased by overseas investors.[43][44][45] Donald Toon, head of Britain's National Crime Agency, said in 2015 that "the London property market has been skewed by laundered money. Prices are being artificially driven up by overseas criminals who want to sequester their assets here in the UK".[45] Three quarters of Londoners under 35 cannot afford to buy a home.[45]
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.[107] 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."[111]

A diverse multicultural city of almost 1.3 million, Panama City offers a lot more than an up-close view of the Canal. Shantytowns slink up alongside shiny high-rise condos. The Old City is an atmospheric labyrinth of churches, plazas and palaces. Fifteen miles from downtown Panama City, Soberania National Park is an excellent destination for hiking and birding. For a fascinating look at the canal, take a taxi or local bus to Miraflores Locks Visitor Center and look down on the traffic below.
According to the Panama Papers, Zimplats Holdings, a large platinum mining concern, set up a shell company to pay the salaries of its senior managers. Zimplats denies knowledge of the company, HR Consultancy.[485] The company, which was still active in 2015, was unknown to the Reserve Bank of Zimbabwe,[485] which may indicate externalization of funds and tax evasion if, as it appears, the salaries were for citizens of Zimbabwe performing work in Zimbabwe.[485]
On April 8, President Varela denounced France's proposal to return Panama to a list of countries that did not cooperate with information exchange.[133] Minister of the Presidency Alvaro Alemán categorically denied that Panama is a tax haven, and said the country would not be a scapegoat.[134] Alemán said that talks with the French ambassador to Panama had begun.[134]
The US on the other hand refused to sign on to the Common Reporting Standard set up by the Organisation for Economic Co-operation and Development, alongside Vanuatu and Bahrain.[414] This means the US receives tax and asset information for American assets and income abroad, but does not share information about what happens in the United States with other countries, which in other words means that the United States has become attractive as a tax haven.

No matter what kind of Panama City Beach vacation you're dreaming about, we've got you covered. Panama City Beach, named the top 3 beach in the United States by TripAdvisor, has 27-miles of beautiful beaches to choose from and you'll find a different experience at each stop along the way. Explore as much of PCB as you can. If you love long walks along the beach, you won't find a better beach for it!
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.
Indian politicians on the list include Shishir Bajoria from West Bengal and Anurag Kejriwal, former chief of the Delhi Lok Satta Party.[353] Bajoria said he owned two other Isle of Man companies but not the one ascribed to him in the leaked documents. Corporate services provider First Names Group acknowledged erroneously providing his information to Mossack Fonseca.[357] MF records show Kejriwal as director of three offshore companies based in the British Virgin Islands (BVI), and holding two private foundations in Panama and power of attorney of another BVI company. He acknowledged having had offshore companies but said he shut them down after a short period of time.[358]
The city's main retail center was the Panama City Mall until it was permanently closed after Hurricane Michael. It may be turned into an outdoor mall, but this has not been officially confirmed. Another local retail center is the Bay City Pointe, on FL 368 (locally known as 23rd St.), which is still under construction but partially open. Pier Park, on the beach across the Hathaway Bridge spanning St. Andrews Bay, is a third local retail center.
Before Europeans arrived Panama was widely settled by Chibchan, Chocoan, and Cueva peoples. The largest group were the Cueva (whose specific language affiliation is poorly documented). The size of the indigenous population of the isthmus at the time of European colonization is uncertain. Estimates range as high as two million people, but more recent studies place that number closer to 200,000. Archaeological finds and testimonials by early European explorers describe diverse native isthmian groups exhibiting cultural variety and suggesting people developed[clarification needed] by regular regional routes of commerce.
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]
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]
^ Uri Blau; Daniel Dolev; Shuki Sadeh (April 3, 2016). "Panama Papers: Hundreds of Israeli Companies, Shareholders Listed in Leaked Documents Detailing Offshore Holdings: Leaked documents of Panamanian law firm reveal shell companies linked to prominent Israeli lawyers and business persons". Haaretz. Archived from the original on April 25, 2016. Retrieved April 25, 2016.
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.
ICIJ partner Ouestaf.com was able to establish through the Panama Papers the existence of secret contracts between and DP World FZE (DP)and Mamadou Pouye, the bribery codefendant of Karim Wade, son of former prime minister Abdoulaye Wade. This information was not available at their trial; Ouestaf confirmed their financial ties to the corporation for the first time during the Panama Papers investigation.[20] Wade was sentenced in 2015 to a six-year prison term by the Cour de répression de l'enrichissement illicite (Crei), a specialized anti-corruption court.[20] Wade was accused of illegally amassing assets of more than $240 million; and his childhood friend Pouye was sentenced to five years for allegedly helping him.[20] Both denied wrongdoing and the United Nations and Amnesty International said their rights had been violated at trial.[471] Ouestaf's investigation did not address the legality of their trial. It did conclude that they had succeeded in tracing a payment to Pouye's oversea shell company from a subsidiary of DP.
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.[374]
Panama still has a reputation worldwide for being a tax haven but has agreed to enhanced transparency, especially since the release in 2016 of the Panama Papers. Significant progress has been made to improve full compliance with anti-money laundering recommendations. Panama was removed from the FATFGAFI gray list in February 2016. However efforts remain to be made, and the IMF repeatedly mentions the need to strengthen financial transparency and fiscal structure.[60]
^ 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.

Panama has a tropical climate. Temperatures are uniformly high—as is the relative humidity—and there is little seasonal variation. Diurnal ranges are low; on a typical dry-season day in the capital city, the early morning minimum may be 24 °C (75.2 °F) and the afternoon maximum 30 °C (86.0 °F). The temperature seldom exceeds 32 °C (89.6 °F) for more than a short time. Temperatures on the Pacific side of the isthmus are somewhat lower than on the Caribbean, and breezes tend to rise after dusk in most parts of the country. Temperatures are markedly cooler in the higher parts of the mountain ranges, and frosts occur in the Cordillera de Talamanca in western Panama.
Additional stories were released based on this data, and the full list of companies was released in early May 2016.[64] 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.[65] 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.[66]
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 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] 
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