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.
The development in this once unincorporated part of Northwest Florida had previous names such as Floriopolis, Park Resort, and Harrison.[7] In 1906, the development was named Panama City and it was first incorporated as Panama City in 1909. 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. According to the Panama City Public Library's A History of Panama City,[8] George Mortimer West hoped to spur real estate development in Bay County during a period of intense popular interest in the construction of the Panama Canal by changing the town's name from Harrison to Panama City, because a straight line between Chicago and the capital of the Central American country of Panama intersected the Florida town. Additionally, since required meanders around land formations in a seaborne route to the canal added distance when starting at other ports, Panama City was the closest developed port in the US mainland to the Caribbean entrance of the Panama Canal.
Paralleling the principal mountain chains, a lower mountain arc extends along Panama’s southern coast. It appears only in well-separated segments—for example, on Azuero Peninsula as the Canajagua Massif and in eastern Panama as the Sierra de Jungurudó, Sapo Mountains, and the Majé Mountains. The highlands and mountains are made up primarily of igneous (volcanic) rocks.
Newspaper Inkyfada had access to the documents and reported a dozen politicians, former government officials and lawyers had been implicated, as well as a leading media figure. Monday April 4, 2016 it reported that the former secretary-general of the Nidaa Tounes political party, Mohsen Marzouk, who was also the coordinator of the new political party, Machrouu Tounes, was on the point of creating his own account in December 2014, in the first presidential elections. Marzouk had written Mossack Fonseca about a company in the Virgin Islands, emphasizing a desire to hold funds and conduct business overseas. Marzouk denies this and has filed a defamation complaint.[481]
Tyndall Air Force Base is east of the city. The HHT 1-153 CAV is stationed there. It is part of Florida Army National Guard's 53rd Infantry Brigade. The city is also home to the U.S. Navy's Naval Support Activity Panama City which is home to various research and training projects. The city is also 60-90 minutes south of Fort Rucker, Alabama, home to the US Army's Aviation Center of Excellence.

Steinmetz, who has a personal fortune of $6 billion, supplies diamonds to Tiffany and DeBeers and is Sierra Leone's largest private investor. Yet, according to a detailed report in The Namibian, his Octea subsidiary owes, among other debts, property taxes of $700,000 to the city of Koidu. These unpaid taxes are discounted, according to mayor Saa Emerson Lamina, because Octea promised a 5% profit−sharing agreement, and payment 1% of its annual profit to a community development fund, but it did not do this either.[18]
New York's Department of Financial Services has asked 13 foreign banks, including Deutsche Bank AG, Credit Suisse Group AG, Commerzbank AG, ABN Amro Group NV and Societe Generale SA, for information about their dealings with Mossack Fonseca. The banks are not accused of wrongdoing but must provide telephone logs and records of other transactions between their New York branches and the law firm.[427]

^ 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.
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!
"The most obvious use of offshore financial centers is to avoid taxes", The Economist added.[32] Oxfam blamed tax havens in its 2016 annual report on income inequality for much of the widening gap between rich and poor. "Tax havens are at the core of a global system that allows large corporations and wealthy individuals to avoid paying their fair share," said Raymond C. Offenheiser, president of Oxfam America, "depriving governments, rich and poor, of the resources they need to provide vital public services and tackle rising inequality."[34]
Leader of the Opposition Jeremy Corbyn said "The government needs to stop pussyfooting around on tax dodging"[311] and called for "direct rule" to be imposed over British Overseas Territories and Crown dependencies that act as tax havens.[312] Former Business Secretary Vince Cable agreed, although former attorney general Dominic Grieve described the proposal as a "bit of a nuclear option"[313] which would "destroy the livelihoods" of BVI inhabitants in the finance industry.[314] The Labour Party also said that Cameron's planned "anti-corruption" summit in May[315] would be "a charade" if Cameron, as chairman of the summit, did not require representatives of all Crown dependencies and overseas territories to attend.[316]
More than thirty Costa Rican law firms are mentioned in the Panama Papers as referring clients to Mossack Fonseca, resulting in the creation of more than 360 shell companies. in particular Gonzalo Fajardo & Asociados, founded by former Finance Ministry official and later Economy Minister Gonzalo Fajardo Salas, and over nearly two decades helped Costa Rican companies set up 82 offshore corporations in tax havens, according to DataBaseAR.[403]
There were 14,792 households, out of which 23.6% had children under the age of 18 living with them, 36.3% were headed by married couples living together, 6.8% had a female householder with no husband present, and 41.8% were non-families. 34.1% of all households were made up of individuals, and 13.0% were someone living alone who was 65 years of age or older. The average household size was 2.28, and the average family size was 2.91.[6]
Bidzina Ivanishvili became wealthy in Russia before returning to Georgia and becoming prime minister in 2012; his public official's asset declaration was 72 pages long.[86] However, he does not list Lynden Management, a Mossack Fonseca company which held about 20% of the shares of Raptor Pharmaceuticals (which he did declare), a US-based company listed on the New York Stock Exchange.[86] He refused for nearly four years to provide a copy of his passport and a proof of address to the law firm, which needed it to comply with money-laundering regulations as well as inquiries into the company by the Financial Investigation Agency of the British Virgin Islands.[86]
Other uses are more ambiguous. Chinese companies may incorporate offshore in order to raise foreign capital, normally against the law in China.[28] In some of the world's hereditary dictatorships, the law may be on the side of the elite who use offshore companies to award oil contracts to themselves,[29] or gold concessions to their children,[30] however such dealings are sometimes prosecuted under international law.[31]
As the economic and financial center of the country, Panama City's economy is service-based, heavily weighted toward banking, commerce, and tourism.[14] The economy depends significantly on trade and shipping activities associated with the Panama Canal and port facilities located in Balboa. Panama's status as a convergence zone for capital from around the world due to the canal helped the city establish itself as a prime location for offshore banking and tax planning. Consequently, the economy has relied on accountants and lawyers who help global corporations navigate the regulatory landscape.[15] The city has benefited from significant economic growth in recent years, mainly due to the ongoing expansion of the Panama Canal, an increase in real estate investment, and a relatively stable banking sector.[16] There are around eighty banks in the city, at least fifteen of which are local.
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.
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.
Panama City is a four-season paradise for water-sports enthusiasts. Kayaking, paddleboarding, sailing and kiteboarding are popular activities on the crystal blue waters of St. Andrews Bay. Numerous charters offer inshore and offshore fishing, scuba and snorkeling excursions. Guided day trips are available for dolphin-watching or you can go shelling on uninhabited Shell Island. Enjoy water views and fresh, locally caught seafood at popular restaurants like Gene's Oyster Bar, a local landmark.
Lucien Ebata, a Kinshasa businessman, runs Orion Group SA, registered in the Seychelles in 2009 by Mossack Fonseca through the Luxembourg-based Figed, according to the Panama Papers.[444] Ebata, who receives a salary of a million dollars, does a business volume of around a billion, and counts both Shell and the Société nationale des pétroles du Congo (SNPC) among his customers.[444]
Perez Balladares ran as the candidate for a three-party coalition dominated by the Democratic Revolutionary Party (PRD), the erstwhile political arm of military dictatorships. Perez Balladares worked skillfully during the campaign to rehabilitate the PRD's image, emphasizing the party's populist Torrijos roots rather than its association with Noriega. He won the election with only 33 percent of the vote when the major non-PRD forces splintered into competing factions. His administration carried out economic reforms and often worked closely with the US on implementation of the Canal treaties.[citation needed]
Mossack Fonseca's Hong Kong office was its busiest, says the ICIJ, as Chinese officials and other wealthy figures would carry funds across the border and deposit them there to be channeled to offshore entities.[28] Hong Kong invested HK$4.6 trillion (£360 billion) into the BVI – more than Hong Kong invested in mainland China – and received HK$4.1 trillion (over £300 billion) from the BVI. A further £20 billion or so was placed into the Cayman Islands and Bermuda individually.[339]
The current wife of former prime minister of Spain Felipe González, María García Vaquero, opened an account in Switzerland for Carmingo Ltd in 2004 in the tax haven of Niue, an island in the South Pacific.[263] The lawyer Cándido Conde-Pumpido Jr., son of former General Prosecutor of Spain and magistrate of the Supreme Court of Spain, Cándido Conde-Pumpido, asked to open a Mossack Fonseca offshore company in 2008, though the transaction wasn't completed[why?]. He had intended the offshore company to be an intermediary in a project to build a skyscraper in the capital of Panama, not to hide money.[264]
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]
Under the Köppen climate classification, Panama City has a tropical savanna climate (Köppen Aw), a little drier than a tropical monsoon climate. It sees 1,900 mm (74.8 in) of precipitation annually. The wet season spans from May through December, and the dry season spans from January through April. Temperatures remain constant throughout the year, averaging around 27 °C (81 °F). Sunshine is subdued in Panama because it lies in the Intertropical Convergence Zone, where there is a nearly continual cloud formation, even during the dry season.

Steinmetz, who has a personal fortune of $6 billion, supplies diamonds to Tiffany and DeBeers and is Sierra Leone's largest private investor. Yet, according to a detailed report in The Namibian, his Octea subsidiary owes, among other debts, property taxes of $700,000 to the city of Koidu. These unpaid taxes are discounted, according to mayor Saa Emerson Lamina, because Octea promised a 5% profit−sharing agreement, and payment 1% of its annual profit to a community development fund, but it did not do this either.[18]
^ 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.
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