During World War II, construction of military bases and the presence of larger numbers of U.S. military and civilian personnel brought about unprecedented levels of prosperity to the city. Panamanians had limited access, or no access at all, to many areas in the Canal Zone neighboring the Panama city metropolitan area. Some of these areas were military bases accessible only to United States personnel. Some tensions arose between the people of Panama and the U.S. citizens living in the Panama Canal Zone. This erupted in the January 9, 1964 events, known as Martyrs' Day.
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. 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. However, hotel occupancy rates have dropped since 2009, probably due to the opening of many new luxury hotels. Several international hotel chains, such as Le Méridien, Radisson, and RIU, have opened or plan to open new hotels in the city, 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, 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. Hilton Worldwide opened a Hilton Garden Inn in El Cangrejo, and in 2013, The Panamera, the second Waldorf Astoria Hotel in Latin America.
The OECD, the G20, or the European Union could also institute another list for countries that are inadequate in more than one area. Countries meeting none of these criteria, such as Panama, Vanuatu and Lebanon, would go on the blacklist. Countries that meet only one criterion would go on the greylist. In April 2016, if this greylist had been in place it would have included nine countries: Antigua and Barbuda, Bahrain, Brunei, Dominica, Liberia, Nauru, Samoa, Tobago and the United Arab Emirates.
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.
The documents contain personal financial information about wealthy individuals and public officials that had previously been kept private. While offshore business entities are legal (see Offshore Magic Circle), reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.
The PRD's Martin Torrijos won the presidency and a legislative majority in the National Assembly in 2004. Torrijos ran his campaign on a platform of, among other pledges, a "zero tolerance" for corruption, a problem endemic to the Moscoso and Perez Balladares administrations. After taking office, Torrijos passed a number of laws which made the government more transparent. He formed a National Anti-Corruption Council whose members represented the highest levels of government and civil society, labor organizations, and religious leadership. In addition, many of his closest Cabinet ministers were non-political technocrats known for their support for the Torrijos government's anti-corruption aims. Despite the Torrijos administration's public stance on corruption, many high-profile cases,[clarification needed] particularly involving political or business elites, were never acted upon.
Every Ramadan he fed 500 people; he financed about 20 pilgrimages to Mecca every year. Described as a billionaire, Seydou Kane holds diplomatic passports from Senegal, Gabon and Mali. The protocol officer of the Senegalese Embassy in Paris was waiting for him when his plane landed at Roissy-Charles-de-Gaulle in November 2015. But Kane, a close associate of the Gabonese ruling family, was questioned and jailed in Nanterre for ten hours by anti-corruption agents in connection with an investigation opened in July 2007.
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.
Being from Argentina, I was interested in this documentary because our President was one of the many figures in Western politics mentioned in this scandal. However, as in the other cases mentioned on the movie, the movie barely makes a passing mention of the case and doesn't bother to explain it in detail. Instead of explaining, step by step, how the process of setting up an offshore company works, exactly what each politician mentioned was involved in, and what the evidence against them was (which could have helped bring transparency into this important issue), the movie wastes time (more than an hour to be precise) talking about the journalists involved, how their investigation took place, and describing their collaborative international process in combing through the evidence, in what feels like a self-congratulatory exercise. While in itself interesting, I believe me and most of the audience were more interested in the actual contents of the Panama Papers itself and not on the journalistic process which made it happen. The documentary, in my opinion, gives an undue weight on this aspect of the story. The second part, on which the arrests made in Panama are described, is more interesting, but this extends for only 20 minutes, before we are back to the journalistic side of the story again.
The journalists on the investigative team found business transactions by many important figures in world politics, sports and art. While many of the transactions were legal, since the data is incomplete, questions remain in many other cases; still others seem to clearly indicate ethical if not legal impropriety. Some disclosures – tax avoidance in very poor countries by very wealthy entities and individuals for example – lead to questions on moral grounds. According to The Namibian for instance, a shell company registered to Beny Steinmetz, Octea, owes more than $700,000 US in property taxes to the city of Koidu in Sierra Leone, and is $150 million in the red, even though its exports were more than twice that in an average month in the 2012–2015 period. Steinmetz himself has personal worth of $6 billion.
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.
"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."