Andy Yan, an urban planning researcher and adjunct professor at the University of British Columbia, studied real estate sales in Vancouver—also thought to be affected by foreign purchasers—found that 18% of the transactions in Vancouver's most expensive neighborhoods were cash purchases, and 66% of the owners appeared to be Chinese nationals or recent arrivals from China. Calls for more data on foreign investors have been rejected by the provincial government. Chinese nationals accounted for 70% of 2014 Vancouver home sales for more than CA$3 million. On June 24, 2016 China CITIC Bank Corp filed suit in Canada against a Chinese citizen who borrowed CN¥50 million for his lumber business in China, but then withdrew roughly CA$7.5 million from the line of credit and left the country. He bought three houses in Vancouver and Surrey, British Columbia together valued at CA$7.3 million during a three-month period in June 2014.
The Panama Papers is a documentary that portrays the history of the global leak that involved a now infamous legal services company based in Panama, and its activities involved in setting up offshore shell companies to help celebrities, politicians and powerful figures from around the globe, in avoiding taxes, money laundering, and other financial crimes. This issue, of global relevance since it involves sistemic corruption in the global financial system and most countries around the world, was, however, poorly explained in this movie.
The ICIJ investigation traces out many levels of offshore holdings in multiple countries related to the business dealings of Beny Steinmetz, with many serious findings such as a request that Mossack Fonseca backdate the revocation of a power of attorney. Mossack Fonseca records show that Sierra Leone diamond exporter Octea, based in the British Virgin Islands with the Steinmetz family as its beneficiaries, is wholly owned by Guernsey-based BSGR Resources, linked to a bribery scandal in Guinea. Foundations in Switzerland and Liechtenstein, among them Nysco and Balda, own BSGR. In 2007, one of Nysco's bank accounts contained $27.7 million.
In addition to the much-covered business dealings of British prime minister David Cameron and Icelandic prime minister Sigmundur Davíð Gunnlaugsson, the leaked documents also contain identity information about the shareholders and directors of 214,000 shell companies set up by Mossack Fonseca, as well as some of their financial transactions. It is generally not against the law (in and of itself) to own an offshore shell company, although offshore shell companies may sometimes be used for illegal purposes.
More than ever, Panama City is booming with events and activities. Make Panama City your destination and visit the many fine shops, restaurants and exhibits. Discover why Panama City is listed as one of the best art towns in America for Cities with a population of less than 50,000. Year-round events include: The Blessing of the Fleet, an Annual Independence Day Celebration, and Oktoberfest.
Leaked documents also indicate that the firm would also backdate documents on request and, based on a 2007 exchange of emails in the leaked documents, it did so routinely enough to establish a price structure: $8.75 per month in the past. In 2008, Mossack Fonseca hired a 90-year-old British man to pretend to be the owner of the offshore company of Marianna Olszewski, a US businesswoman, "a blatant breach of anti-money laundering rules" according to the BBC.
The anti-corruption taskforce of the Olusegun Obasanjo government, the Economic and Financial Crimes Commission, questioned at the time whether the Yar'Adua administration has refrained or was loath to pursue members of the Nigerian elite suspected of corruption, including leading financiers of the ruling party, or those like Ibori who supported had their election.
The family of Azerbaijan President Ilham Aliyev leads a well-off life thanks in part to financial interests in various sectors of the nation's economy. His wife ascendants are privileged and powerful family that owns banks, insurance and construction companies, a television station and a line of cosmetics. She is well known for her pre-eminent charity work that has led to the construction of schools, hospitals and the country's major sports complex.
The Pacific coastline is extended by the Azuero Peninsula and the Gulf of Panama and by numerous headlands and bays, whereas the largest embayment on the Caribbean side is Chiriquí Lagoon. The Pacific coastline is more indented and irregular, and its continental shelf is much wider than that on the Atlantic side. In addition, most of the republic’s more than 1,600 islands lie off its Pacific coast; they include the Perlas Archipelago (Pearl Islands) and the islands of Taboga, Cébaco, Parida, Jicarón, and Coiba, the largest. The principal archipelagoes off the Caribbean coast are those of Bocas del Toro and San Blas.
The urban population, many living below the poverty level, was greatly affected by the 1989 intervention. As pointed out in 1995 by a UN Technical Assistance Mission to Panama, the bombardments during the invasion displaced 20,000 people. The most heavily affected district was impoverished El Chorrillo, where several blocks of apartments were completely destroyed. El Chorrillo had been built in the days of Canal construction, a series of wooden barracks which easily caught fire under the United States attack. The economic damage caused by the intervention has been estimated between 1.5 and 2 billion dollars. n.p. Most Panamanians supported the intervention.
Revenue from canal tolls continues to represent a significant portion of Panama's GDP, although commerce, banking, and tourism are major and growing sectors. It is regarded as a high-income country. In 2015 Panama ranked 60th in the world in terms of the Human Development Index. In 2018, Panama was ranked seventh-most competitive economy in Latin America, according to the World Economic Forum's Global Competitiveness Index. Covering around 40 percent of its land area, Panama's jungles are home to an abundance of tropical plants and animals – some of them found nowhere else on earth. Panama is a founding member of the United Nations and other international organizations such as OAS, LAIA, G77, WHO and NAM.
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.
^ 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.
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."
Leaked documents suggest that Mossack Fonseca helped tuna export company Borda Azul set up a shell company in the British Virgin Islands in order to avoid Costa Rican taxes. The firm, now out of business, was headed by Hermes Navarro, president of the Costa Rican Football Federation from 1999 to 2006. In the late 1990s the Finance Ministry and Prosecutor's Office investigated Borda Azul and other export companies for allegedly misusing tax credit certificates; in 1997 dozens of companies had been accused of using the certificates for fraud and to launder drug profits.
Prime Minister Sigmundur Davíð Gunnlaugsson, elected after the 2008 banking collapse in Iceland, had pledged to clean up corruption in the banking system. But when Sigmundur Davíð took his seat he did not disclose his 50% interest of Wintris, a company that owned bonds of one of the bankrupt banks, nor divest himself of it, until the day before a new law took effect on January 1, 2010 that would have required him to declare this conflict of interest. He sold his share to his wife, who owns the other half. The couple both come from wealthy families. When they bought Wintris he was working as a journalist and she is an anthropologist. Until his failure to disclose the asset, he apparently broke no laws. But the country remembers the 2008 financial crisis all too well and thought it had put it in the past. Since Sigmundur Davíð negotiated on behalf of Iceland with creditors of failed Icelandic banks, the discovery that Sigmundur Davíð's wife is a bondholder caused so much outrage that 22,000–24,000 people attended an anti-government protest outside the parliament on April 4, 2016, almost 8% of the population. Sigmundur Davíð suggested a snap election, but the other members of the coalition government did not want elections, just his resignation. On April 5, 2016, Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson announced his resignation.
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.
The balboa replaced the Colombian peso in 1904 after Panama's independence. Balboa banknotes were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving them the name "The Seven Day Dollars". The notes were burned by the new government, but occasionally balboa notes can be found in collections. These were the only banknotes ever issued by Panama and US notes have circulated both before and since.
US authorities say that Steinmetz paid Mamadie Touré $5.3 million for her help in obtaining the concession from her husband Lansana Conté, president of Guinea, shortly before he died. According to Global Witness, an offshore company belonging to Touré, Matinda, received a payment of $2.4 million from a company named Pentler Holdings. Several more payments were promised as well as 5% of BSGR shares in Simandou. Pentler owned 17.65% of BSGR Guinea.
Today, there are different types of polleras; the pollera de gala consists of a short-sleeved ruffle skirt blouse, two full-length skirts and a petticoat. Girls wear tembleques in their hair. Gold coins and jewelry are added to the outfit. The pollera montuna is a daily dress, with a blouse, a skirt with a solid color, a single gold chain, and pendant earrings and a natural flower in the hair. Instead of an off-the-shoulder blouse it is worn with a fitted white jacket that has shoulder pleats and a flared hem.
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.
The bus terminal located in Ancon offers buses in and out of the city. Bus service is one of the most widely used forms of transportation in Panama. The terminal receives thousands of passengers daily from locations like David, Chiriqui, and the central provinces of Herrera and Los Santos. The terminal also receives international passengers from Central America via the Pan-American Highway.
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.
Bruno Itoua was the president's advisor on oil and director-general of the SNPC until 2005. A US federal court found that he diverted funds to fictitious companies, but he nonetheless became minister of energy. Panama Papers documents seen by Le Monde reveal he has also held the power of attorney since 2004 for Denvest Capital Strategies and Grafin Associated SA, registered by Mossack Fonseca in Panama and the British Virgin Islands. Itoua is currently minister for scientific research.
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.
A central spine of mountain ranges extends almost the entire length of Panama, dividing the country into Atlantic- and Pacific-facing slopes. The two principal ranges, the Tabasará Mountains (Cordillera Central) in the west and the Cordillera de San Blas in the east, are separated near the centre of the country by a saddle of lower land. This depression (the Panama Canal site) divides the country again—roughly into western and eastern halves. Of the four quadrants thus formed, the southwestern has the largest number of settlements; however, the environs of the canal account for most of Panama’s population and commerce. The country’s highest peak is an inactive volcano, Barú (Chiriquí), which reaches an elevation of 11,401 feet (3,475 metres).
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. 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". 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.
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.
^ 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.
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.
The beaches and sunsets highlight the city's natural beauty with places to visit including St. Andrews State Park, Conservation Park, and Shell Island. Dolphin watching, golfing, and fishing are top activities, while sights to visit include Signal Hill Golf Course, Signal Hill Country Club, and Hombre Golf Club. Other notable sights to explore include Gulf World Marine Park and Pier Park.
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.
The documents were dubbed the Panama Papers because of the country they were leaked from; however, the Panamanian government expressed strong objections to the name over concerns that it would tarnish the government's and country's image worldwide, as did other entities in Panama and elsewhere. This led to an advertising campaign some weeks after the leak, titled "Panama, more than papers". Some media outlets covering the story have used the name "Mossack Fonseca papers".
"This is a unique opportunity to test the effectiveness of leaktivism", said Micah White, co-founder of Occupy, "... the Panama Papers are being dissected via an unprecedented collaboration between hundreds of highly credible international journalists who have been working secretly for a year. This is the global professionalization of leaktivism. The days of WikiLeaks amateurism are over."
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.
Petroleum Minister José Maria Botelho de Vasconcelos had power of attorney for an offshore company in 2002, when he became petroleum minister after previously being employed for a number of years as an executive at Sonangol, according to the leaked documents. He denies wrongdoing. ICIJ partner Le Monde says it has seen documents that show he was the proxyholder for Medea Investments Limited, founded in Niue in 2001, and moved to Samoa five years later. The company, which issued only bearer bonds, had a capitalization of $1 million, and closed in 2009. He has never previously been accused of corruption.
In Panama, nature is all about discovery. Explore the ruins of Spanish forts on the Caribbean coast or boat deep into indigenous territories in a dugout canoe. Wildlife is incidental: a resplendent quetzal on the highland trail, an unruly troupe of screeching howler monkeys outside your cabin or a breaching whale that turns your ferry ride into an adrenaline-filled event. Adventure tourism means zipping through rainforest canopies, swimming alongside sea turtles or trekking to sublime cloud-forest vistas. One small tropical country with two long coasts makes for a pretty big playground.
Eduardo Morgan of the Panamanian firm Morgan & Morgan accused the OECD of starting the scandal to avoid competition from Panama with the interests of other countries. The Panama Papers affect the image of Panama in an unfair manner and have come to light not as the result of an investigation, but of a hack, said Adolfo Linares, president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap).
For over 300 years, the Spanish ruled Panama. Struggles to gain control of many of the Central American countries continued for decades. In 1821, Panama gained independence from Spain only to join what was then Colombia later that same year. In 1846, a treaty between Colombia and the United States was signed, permitting the U.S. to construct a railway across the country.
The Irish Times newspaper handled the Irish component of the leak. Prominent Irish names listed included golfer Pádraig Harrington, property developer Sean Mulryan and the manager of Irish rock group U2, Paul McGuinness. The lists also included Stanley Watson, a senior partner of Ireland's largest tax-law firm, Matheson, who have led the creation of many of the Irish corporate tax management tools used by US multinationals in Ireland to avoid billions in US taxes. The list also included Irish Fine Gael political advisor, Frank Flannery.
Mossack Fonseca also ran six businesses for Rami Makhlouf, cousin of Syrian president Bashar al-Assad, despite US sanctions against him. Internal Mossack Fonseca documents show that in 2011 Mossack Fonseca rejected a recommendation by their own compliance team to sever ties to Mr. Makhlouf. They agreed to do so only months later. The firm has said it never knowingly allowed anyone connected with rogue regimes to use its companies.
As of the census of 2010, there were 36,484 people, 14,792 households, and 8,613 families residing in the city. The population density was 1,245.2 people per square mile (481.3/km2). There were 17,438 housing units at an average density of 595.2 per square mile (230.1/km2). As of the census of 2010, the racial makeup of the city is 71.6% White, 22.0% African American, 1.6% Asian, 0.5% Native American, 0.1% Pacific Islander, 2.9% from two or more races, and 5.1% Hispanic or Latino of any race.
"The most obvious use of offshore financial centers is to avoid taxes", The Economist added. 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."
Getting to Panama City Beach is a cinch, thanks to its proximity to Northwest Florida Beaches International Airport (ECP). The airport is only 20 minutes by car from the shimmering white sands that make Panama City Beach such a hotspot on the Gulf of Mexico. Here, you can catch sight of dolphins, go scuba diving amid shipwrecks, and explore the dunes and forests of St Andrews State Park.
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.
As the United Kingdom still exercises varying degrees of control over British Overseas Territories and Crown dependencies which make up a large number of the many tax havens and "secrecy jurisdictions" that exist, pressure mounted on Prime Minister David Cameron to make changes. According to The Wall Street Journal, the Panama Papers "are shining a light on the constellation of offshore centers in the last remnants of the British Empire, from Gibraltar to the British Virgin Islands (BVI)." Of the companies created by Mossack Fonseca which were included in the leaked data, the BVI companies topped the list, with 113,000 of the nearly 215,000 companies that Mossack Fonseca managed or incorporated there. British Overseas Territory Anguilla was 7th on the list.
Two men linked to Fidentia, a South African asset management company that looted 1.2 billion rand from pension funds meant to provide for 46,000 widows and orphans of mineworkers, had accounts with Mossack Fonseca, which was willing to help hide the money even after South Africa made their names public. The former chief executive of Fidentia, J. Arthur Brown, was sentenced in 2014 to concurrent 15-year sentences. The FBI arrested one man, Steven Goodwin, in Los Angeles in 2008. Sent back to South Africa, Goodwin was sentenced to 10 years in prison for fraud and money laundering. The other, Graham Maddock, was also later jailed in South Africa for fraud.
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.