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.

Undergoing redevelopment, the old quarter has become one of the city's main tourist attractions, second only to the Panama Canal. Both government and private sectors are working on its restoration.[30] President Ricardo Martinelli built an extension to the Cinta Costera maritime highway viaduct in 2014 named "Cinta Costera 3" around the Casco Antiguo.[31]


Nawaz Sharif was the second top official to be ruled out as the result of information disclosures in the Panama Papers. Supreme Court disqualified him from office. One judge said that Mr Sharif was no longer "eligible to be an honest member of the parliament".[364] Pakistan's ruling party, the Pakistan Muslim League-Nawaz (PML-N), was permitted by the speaker of the National Assembly to select an interim prime minister until the 2018 general election. The Supreme Court verdict was announced in the context of heightened security in the capital. Over 3,000 armed police and members of the Pakistan Rangers paramilitary force were deployed around the Supreme Court. The verdict followed months of dramatic news coverage and social media debates, the divisions falling largely along party lines.[364]
Basketball is also popular in Panama. There are regional teams as well as a squad that competes internationally. Two of Panama's prominent basketball players are Rolando Blackman, a four-time NBA All-Star, and Kevin Daley, a 10-year captain and showman of the Harlem Globetrotters. Other remarkable players who represented Panama internationally are Mario Butler, and Rolando Frazer.
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]

Panama's politics take place in a framework of a presidential representative democratic republic, whereby the President of Panama is both head of state and head of government, and of a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the National Assembly. The judiciary is independent of the executive and the legislature.

Art collectors Marina Ruiz-Picasso and Borja Thyssen have Mossack Fonseca companies. Thyssen's lawyer said his company was fully declared to tax authorities and Ruiz-Picasso declined comment.[269] Other celebrities involved include Spanish director Pedro Almodóvar, who won an Oscar in 2003 for Habla con ella and with his brother Agustin created a company in 1991 called Glen Valley in the British Virgin Islands. Agustin responded saying he closed the company in 1994 and it paid all of its taxes.[270]
The Panama Papers confirmed that the politician Stavros Papastavrou, who was advisor of former Prime Ministers Kostas Karamanlis and Antonis Samaras, had been a member of the council of the Panamanian foundations, Green Shamrock Foundation and Diman Foundation, from 2005 to 2014. In 2006, he became deputy chairman of the Aisios Foundation, that still exists today. However, Papstavrou resigned from the Aisios Foundation in 2012.[193]
The Procuraduría de la Nación announced that it would investigate Mossack Fonseca and the Panama papers.[146] 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,[147] 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".[148] The search ended without measures against the law firm, confirmed prosecutor Javier Caraballo of the Second Prosecutor Against Organized Crime.[149]
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.
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.
While no standard official definition exists, The Economist and the International Monetary Fund describe an offshore financial center, or tax haven, as a jurisdiction whose banking infrastructure primarily provides services to people or businesses who do not live there, requires little or no disclosure of information when doing business, and offers low taxes.[32][33] 

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.


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,[38][39][40] where the Miami Association of Realtors said that cash sales accounted for 90% of new home sales in 2015.[41] "There is a huge amount of dirty money flowing into Miami that's disguised as investment," according to former congressional investigator Jack Blum.[42] In Miami, 76% of condo owners pay cash, a practice considered a red flag for money-laundering.[42]
Tourism is one of the most important economic activities in terms of revenue generation. This sector of the economy has seen a great deal of growth since the transfer of the Panama Canal Zone at the end of the twentieth century. The number of hotel rooms increased by more than ten-fold, from 1,400 in 1997 to more than 15,000 in 2013, while the number of annual visitors increased from 457,000 in 1999 to 1.4 million in 2011.[18] The city's hotel occupancy rate has always been relatively high, reaching the second highest for any city outside the United States in 2008, after Perth, Australia, and followed by Dubai.[19] However, hotel occupancy rates have dropped since 2009, probably due to the opening of many new luxury hotels.[20] Several international hotel chains, such as Le Méridien, Radisson, and RIU, have opened or plan to open new hotels in the city,[21] along with those previously operating under Marriott, Sheraton, InterContinental, and other foreign and local brands. The Trump Organization built the Trump Ocean Club, its first investment in Latin America,[22] in 2006 and it is the tallest building in the city. In 2018 it was renamed The Bahia Grand Panama following falling occupancy rates associated with the declining brand value of the Trump name.[23] Hilton Worldwide opened a Hilton Garden Inn in El Cangrejo, and in 2013, The Panamera, the second Waldorf Astoria Hotel in Latin America.[24]
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.
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.[100]
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.
Juan Armando Hinojosa Cantú, a close friend of former Mexican president Enrique Peña Nieto, enlisted Mossack Fonseca to create trusts for accounts worth US$100 million[408] after he was investigated for allegedly giving special favours to the former Mexican president and his wife, according to an analysis by ICIJ, who said that the documents showed "a complex offshore network" of nine companies in New Zealand, the United Kingdom, and the Netherlands.[192] Described as Peña Nieto's "favorite contractor", Hinojosa's companies have won more than eighty government contracts and received at least US$2.8 billion in state money, The New York Times reported last year.[409]

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.
Irene Marcos Araneta,[98][99][100] youngest daughter of the late former President of the Philippines, Ferdinand Marcos and former First Lady, Imelda Romualdez Marcos, youngest sister of Maria Imelda "Imee" Marcos Manotoc, Governor of Ilocos Norte and Ferdinand "Bongbong" Marcos Jr, Senator, Philippine House of Representatives from Ilocos Norte[101]
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.
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]
According to the ICIJ, Aliyev's daughter Arzu not only has financial stakes not only in gold rights but also in Azerfon, the country's largest mobile phone business. She has shares in SW Holding, which "controls nearly every operation related to Azerbaijan Airlines" (Azal), from meals to airport taxis. Both sisters and their brother Heydar own property in Dubai valued at roughly $75 million in 2010; Heydar is the legal owner of nine luxury mansions in Dubai purchased for some $44 million.[334]
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.
Central Bank of Cyprus officially declared: "With regard to press reports citing leaked documents, known as the Panama Papers, the Central Bank of Cyprus announces that it is assessing the information to the extent that it may concern the Cypriot banking system and taking, where necessary, appropriate action."[180] A Cypriot online paper said "The Cyprus link stems from the fact that Fonseca runs an office in Cyprus and, more specifically, in Limassol. In a chart, the leaks name Cyprus as a tax haven (countries that offer little or no tax), although it has a corporate tax rate of 12.5%, the same as Ireland."[180]
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.
Located at the tip of the Azuero Peninsula, Pedasi is a quaint unassuming beach town with a pristine downtown area. The expat community numbers several hundred within the total population of just under 5,000. This expat community is growing as visitors have discovered this treasured jewel. Not much further down the two-lane road is Playa Venao, one of Panama’s best surfing beaches.
Basketball is also popular in Panama. There are regional teams as well as a squad that competes internationally. Two of Panama's prominent basketball players are Rolando Blackman, a four-time NBA All-Star, and Kevin Daley, a 10-year captain and showman of the Harlem Globetrotters. Other remarkable players who represented Panama internationally are Mario Butler, and Rolando Frazer.
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.
Soon the filings almost covered the island's year budget. The US government however made official noises in 2001 about laundering criminal proceeds and Chase Bank blacklisted the island and Bank of New York followed suit. This caused inconvenience to the population so they let their contract with Mossack Fonseca expire and many of the privacy-seekers on the banking world moved on.[497] Some did stay however, apparently; the Panama Papers database lists nearly 10,000 companies and trusts set up on Niue, population 1200.[491]
According to ICIJ investigative partners DataBaseAR and Seminario Universidad, Mossack Fonseca helped Borda Azul fabricate invoices to allow it to report both inflated costs—to reduce its taxes—and inflated exports, to allow it to continue to qualify for the tax credit certificates. In a letter dated October 19, 1998, a Mossack Fonseca lawyer explained the investigation to the Panama City office and concluded:
Panama City (Spanish: Ciudad de Panamá; pronounced [sjuˈða(ð) ðe panaˈma]), also simply known as Panama, is the capital and largest city of Panama.[3][4] It has an urban population of 880,691,[1] with over 1.5 million in its metropolitan area. The city is located at the Pacific entrance of the Panama Canal, in the province of Panama. The city is the political and administrative center of the country, as well as a hub for banking and commerce.[5]

The Río Chagres is one of the longest and most vital of the approximately 150 rivers that flow into the Caribbean. Part of this river was dammed to create Gatun Lake, which forms a major part of the transit route between the locks near each end of the canal. Both Gatun Lake and Madden Lake (also filled with water from the Río Chagres) provide hydroelectricity to the former Canal Zone area. The Río Chepo, another major source of hydroelectric power, is one of the more than 300 rivers emptying into the Pacific.
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.[336] 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.[337]
Panama City is a city and the county seat of Bay County, Florida, United States. Located along U.S. Route 98, it is the largest city between Tallahassee, Florida and Pensacola, Florida. It is the larger (population-wise) of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. As of the 2010 census, the city population was 36,484. 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.[citation needed]
Central Bank of Cyprus officially declared: "With regard to press reports citing leaked documents, known as the Panama Papers, the Central Bank of Cyprus announces that it is assessing the information to the extent that it may concern the Cypriot banking system and taking, where necessary, appropriate action."[180] A Cypriot online paper said "The Cyprus link stems from the fact that Fonseca runs an office in Cyprus and, more specifically, in Limassol. In a chart, the leaks name Cyprus as a tax haven (countries that offer little or no tax), although it has a corporate tax rate of 12.5%, the same as Ireland."[180]
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]

^ James Sanders (April 13, 2016). "No. 1 thing IT departments can learn from the Panama Papers hack: Staggeringly out of date software supports the conclusion that documents from Mossack Fonseca were exfiltrated by a hacker. Learn what vulnerabilities could have been used". TechRepublic. Archived from the original on April 20, 2016. Retrieved April 23, 2016.
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.
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.[442] 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.[458]
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