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.

Bjarni Benediktsson, Iceland's finance minister and the chairman of Gunnlaugsson's coalition partner, comes from one of Iceland's wealthiest families. He confirmed that he owned 33% of Falson & Co., a Seychelles shell company founded in 2005 to purchase real estate in Dubai. It was still active in 2009, when Benediktsson was already a member of parliament with financial disclosure requirements. He said he registered the company with tax authorities, and he was not aware that it was registered in the Seychelles.[196] Minister of the Interior Ólöf Nordal and her husband had powers of attorney for Dooley Securities S.A., an offshore company located in Panama. She said that the company was founded for her husband but was never used, so she did not think she had to disclose it.[196] Hrólfur Ölvisson, the managing director of Gunnlaugsson's Progressive Party, says the Mossack Fonseca companies that list his name have been inactive a very long time, and were legal.[196]

Oleguer Pujol [es], son of Jordi Pujol, former President of the Generalitat of Catalonia considered a linchpin of Catalan independence, granted[clarification needed] the diversion of a commission of 6.8 million euros from the sale of an office to an opaque society, which repaid, with another offshore company, about 5 million more. His Pujol family, parents and children, are charged with several counts of tax fraud and corruption, among other crimes.[262]
The city has both public and private schools. Most of the private schools are at least bilingual. Higher education is headed by the two major public universities: the University of Panama and the Technological University of Panama. There are private universities, such as the Universidad Católica Santa María La Antigua, the Universidad Latina de Panama, the Universidad Latinoamericana de Ciencia y Tecnología (ULACIT), the Distance and Open University of Panama (UNADP), Universidad del Istmo Panama, the Universidad Maritima Internacional de Panama, and the Universidad Especializada de las Americas. Also, there are Panama Branches of the Nova Southeastern University (its main campus is in Ft. Lauderdale in Broward County, Florida); the University of Oklahoma; the Central Texas University; the University of Louisville which runs a sister campus in the city,[36] and the Florida State University, which operates a broad curriculum program[37] in an academic and technological park known as Ciudad del Saber.
The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.
Demetrio Carceller Coll and his sons, Spanish businessman. He was the son of Demetrio Carceller Segura, Minister of Industry and Commerce at the beginning of Franco's dictatorship. Demetro Carceller y Arce (1962), his son, is a director and shareholder of Sacyr (6.04%), director of Gas Natural and chairman and shareholder, with 23% of the beer Estrella Damm. He is the president of the Disa oil plus shareholder of Natural Gas, Ebro and CLH.[126]
SZ also had concerns about security, not only for their source, the leaked documents, and their data, but also for the safety of some of their partners in the investigation living under corrupt regimes who might not want their money-handling practices made public. They stored the data in a room with limited physical access on air gapped computers that were never connected to the Internet. The Guardian also limited access to its journalists' project work area. To make it even harder to sabotage the computers or steal their drives, SZ journalists made them more tamper-evident by painting the screws holding the drives in place with glitter nail polish.[58]
The mountain range of the divide is called the Cordillera de Talamanca near the Costa Rican border. Farther east it becomes the Serranía de Tabasará, and the portion of it closer to the lower saddle of the isthmus, where the Panama Canal is located, is often called the Sierra de Veraguas. As a whole, the range between Costa Rica and the canal is generally referred to by geographers as the Cordillera Central.

In March 2005, Dan Gertler International formed a new company, Global Enterprises Corporate (GEC), with Global Resources, owned by Beny Steinmetz. A former DRC mines minister, Simon Tuma-Waku, was "special adviser". The company formed a joint copper and cobalt mining venture with DRC agency La Générale Des Carriers et Des Mines (Gécamines), which held 25%, and GEC 75%, which they placed into an Isle of Man holding company, Nikanor plc. The IPO raised £400 million in London and the company eventually reached a market capitalization of $1.5 billion for an initial investment of $3 million.[450]
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.[45] 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.
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.[412] 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.[412]
The Bilateral Investment Treaty (BIT) between the governments of the United States and Panama was signed on October 27, 1982. The treaty protects US investment and assists Panama in its efforts to develop its economy by creating conditions more favorable for US private investment and thereby strengthening the development of its private sector. The BIT was the first such treaty signed by the US in the Western Hemisphere.[69] A Panama–United States Trade Promotion Agreement (TPA) was signed in 2007, approved by Panama on July 11, 2007 and by US President Obama on October 21, 2011, and the agreement entered into force on October 31, 2012.[70]
As the Spanish American wars of independence were heating up all across Latin America, Panama City was preparing for independence; however, their plans were accelerated by the unilateral Grito de La Villa de Los Santos (Cry From the Town of Saints), issued on November 10, 1821, by the residents of Azuero without backing from Panama City to declare their separation from the Spanish Empire. In both Veraguas and the capital this act was met with disdain, although on differing levels. To Veraguas, it was the ultimate act of treason, while to the capital, it was seen as inefficient and irregular, and furthermore forced them to accelerate their plans.
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]
CEO and then Chairman of Citibank (1998–2006) Sanford I. Weill appears in the documents as sole shareholder of April Fool, a company based in the British Virgin Islands that managed a yacht of the same name from 2001–2005. Weill's second company, Brightao, includes Chinese and American investors and holds share in a Chinese insurance and risk-management firm, Mingya Insurance Brokers.
Meanwhile, Noriega's regime had fostered a well-hidden criminal economy that operated as a parallel source of income for the military and their allies, providing revenues from drugs and money laundering. Toward the end of the military dictatorship, a new wave of Chinese migrants arrived on the isthmus in the hope of migrating to the United States. The smuggling of Chinese became an enormous business, with revenues of up to 200 million dollars for Noriega's regime (see Mon 167).[30]
The government of Rwanda uses an offshore company to lease a private jet for its senior politicians.[441] Leaked documents show that Brigadier-General Emmanuel Ndahiro, using a London address, become a director of a British Virgin Islands company, Debden Investments Ltd. in 1998, owner of a jet aircraft. Ndahiro, a close advisor of president Paul Kagame, was then spokesman for Kagame's military.[441] According to the Panama Papers the owner of the company was Hatari Sekoko, who ran a number of real estate and hotel ventures such as the Marriott in Kigali.[439]
Gerard Ryle, director of the International Consortium of Investigative Journalists, called the leak "probably the biggest blow the offshore world has ever taken because of the extent of the documents".[76] Edward Snowden described the release in a Twitter message as the "biggest leak in the history of data journalism".[77] The ICIJ also said that the leak was "likely to be one of the most explosive [leaks of inside information in history] in the nature of its revelations".[78]
The Christmas parade, known as El desfile de Navidad, is celebrated in the capital, Panama City. This holiday is celebrated on December 25. The floats in the parade are decorated in the Panamanian colors, and women wear dresses called pollera and men dress in traditional montuno. In addition, the marching band in the parade, consisting of drummers, keeps crowds entertained. In the city, a big Christmas tree is lit with Christmas lights, and everybody surrounds the tree and sings Christmas carols.[86]
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."[87]
Panama's tropical environment supports an abundance of plants. Forests dominate, interrupted in places by grasslands, scrub, and crops. Although nearly 40% of Panama is still wooded, deforestation is a continuing threat to the rain-drenched woodlands. Tree cover has been reduced by more than 50 percent since the 1940s. Subsistence farming, widely practised from the northeastern jungles to the southwestern grasslands, consists largely of corn, bean, and tuber plots. Mangrove swamps occur along parts of both coasts, with banana plantations occupying deltas near Costa Rica. In many places, a multi-canopied rain forest abuts the swamp on one side of the country and extends to the lower reaches of slopes on the other.
Panama enjoys a lively mix of cultural influences, expressed in the country’s cuisine, artwork, music, and literature. Its capital, Panama City, is located on the Pacific coast just east of the canal. A cosmopolitan city where skyscrapers tower above whitewashed bungalows, it enjoys a handsome setting and a growing importance as a commercial and financial services centre for the region. However, its economic progress has been hampered periodically by environmental problems and political turmoil.
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