Mossack Fonseca, required by international banking standards to avoid money-laundering or fraudster clients, is, like all banks, supposed to be particularly alert for signs of corruption with politically exposed persons (PEP), in other words, clients who either are or have close ties to government officials. However they somehow failed to turn up any red flags concerning Tareq Abbas even though he shares a family name with the president of Palestine, and sat on the board of directors of a company with four fellow directors the firm did deem PEP because of their ties to Palestinian politics. Yet Mossack Fonseca actually did and documented due diligence research, including a Google search.
During the 16th century, education in Panama was provided by Jesuits. Public education began as a national and governmental institution in 1903. The principle underlying the early education system was that children should receive different types of education in accordance with their social class and therefore the position they were expected to occupy in society.
ICIJ partner Ouestaf.com was able to establish through the Panama Papers the existence of secret contracts between and DP World FZE (DP)and Mamadou Pouye, the bribery codefendant of Karim Wade, son of former prime minister Abdoulaye Wade. This information was not available at their trial; Ouestaf confirmed their financial ties to the corporation for the first time during the Panama Papers investigation. Wade was sentenced in 2015 to a six-year prison term by the Cour de répression de l'enrichissement illicite (Crei), a specialized anti-corruption court. Wade was accused of illegally amassing assets of more than $240 million; and his childhood friend Pouye was sentenced to five years for allegedly helping him. Both denied wrongdoing and the United Nations and Amnesty International said their rights had been violated at trial. Ouestaf's investigation did not address the legality of their trial. It did conclude that they had succeeded in tracing a payment to Pouye's oversea shell company from a subsidiary of DP.
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.
DCB Finance, a Virgin Islands-based shell company founded by North Korean banker Kim Chol-sam and British banker Nigel Cowie, also ignored international sanctions and continued to do business with North Korea with the help of the Panamanian firm. The US Treasury Department in 2013 called DCB Finance a front company for Daedong Credit Bank and announced sanctions against both companies for providing banking services to North Korean arms dealer Korea Mining and Development Trading Corporation, attempting to evade sanctions against that country, and helping to sell arms and expand North Korea's nuclear weapons programme. Cowie said the holding company was used for legitimate business and he was not aware of illicit transactions.
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:
Nearly 500 rivers lace Panama's rugged landscape. Mostly unnavigable, many originate as swift highland streams, meander in valleys, and form coastal deltas. However, the Río Chagres (Chagres River), located in central Panama, is one of the few wide rivers and a source of hydroelectric power. The central part of the river is dammed by the Gatun Dam and forms Gatun Lake, an artificial lake that constitutes part of the Panama Canal. The lake was created by the construction of the Gatun Dam across the Río Chagres between 1907 and 1913. Once created, Gatun Lake was the largest man-made lake in the world, and the dam was the largest earth dam. The river drains northwest into the Caribbean. The Kampia and Madden Lakes (also filled from the Río Chagres) provide hydroelectricity for the area of the former Canal Zone.
Former Sudanese President Ahmed al-Mirghani was a client of Mossack Fonseca also. Al-Mirghani lived in Egypt after the 1989 coup that ended his presidency and was active in the Democratic Unionist Party. Orange Star Corporation bought a long-term lease in a tony London neighborhood near Hyde Park for $600,000 the same year al-Mirghani created it, and at the time of his death held assets worth $2.72 million.
In 1744, Bishop Francisco Javier de Luna Victoria DeCastro established the College of San Ignacio de Loyola and on June 3, 1749, founded La Real y Pontificia Universidad de San Javier. By this time, however, Panama's importance and influence had become insignificant as Spain's power dwindled in Europe and advances in navigation technique increasingly permitted ships to round Cape Horn in order to reach the Pacific. While the Panama route was short it was also labor-intensive and expensive because of the loading and unloading and laden-down trek required to get from the one coast to the other.
The firm is Panamanian but runs a worldwide operation. Its website boasts of a global network with 600 people working in 42 countries. It has franchises around the world, where separately owned affiliates sign up new customers and have exclusive rights to use its brand. Mossack Fonseca operates in tax havens including Switzerland, Cyprus and the British Virgin Islands, and in the British crown dependencies Guernsey, Jersey and the Isle of Man.
One year before the start of the California Gold Rush, the Panama Railroad Company was formed, but the railroad did not begin full operation until 1855. Between 1848 and 1869, the year the first transcontinental railroad was completed in the United States, about 375,000 persons crossed the isthmus from the Atlantic to the Pacific, and 225,000 in the opposite direction. This traffic greatly increased the prosperity of the city during that period.
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 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. 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.
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.
After meeting your local guide, you’ll begin your Panama City tour by wandering through the old historic district of Casco Viejo, which is so beautiful it’s been named a UNESCO World Heritage site. Here, your guide will point out landmarks and important features of the neighbourhood, and fill you in on the secrets that only locals know. Continue on through Balboa, exploring some of the old U.S. military zone, and see the headquarters for the legendary Panama Canal before heading to the Miraflores Locks visitor centre. Here you’ll be able to see the ships on their journey through one of the most famous canals the world, which connects the Atlantic and Pacific oceans. This part of your Panama Canal tour will tell you all you need to know about this incredible feat of engineering, with help from your local guide and a self-guided tour through the museum dedicated to the Canal. From here you’ll head to Ancon to explore more of this famous part of the city before moving on to the Amador Causeway to take in the view of the Bridge of the Americas. We’ll grab bite a bite to eat and enjoy a little nature walk on the Smithsonian-owned Punta Culebra. Enjoy this amazing and historic 'secret' part of Panama City – if you’re lucky, you might even spot a sloth! Finally, your local guide will drop you off back at the start point. From here, you’re free to shop at a local market, enjoy the view from one of the many rooftop bars or take a well-deserved rest and reflect on all you’ve learned about the awesome Panama City!
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.
Nevertheless, the Grito was a sign, on the part of the residents of Azuero, of their antagonism toward the independence movement in the capital. Those in the capital region in turn regarded the Azueran movement with contempt, since the separatists in Panama City believed that their counterparts in Azuero were fighting not only for independence from Spain, but also for their right to self-rule apart from Panama City once the Spaniards were gone.
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. 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.
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.
The International Consortium of Investigative Journalists helped organize the research and document review once Süddeutsche Zeitung realized the scale of the work required to validate the authenticity of 2.6 terabytes of leaked data. They enlisted reporters and resources from The Guardian, the BBC, Le Monde, SonntagsZeitung, Falter, La Nación, German broadcasters NDR and WDR, and Austrian broadcaster ORF, and eventually many others. Ultimately, "reporters at 100 news media outlets working in 25 languages had used the documents" to investigate individuals and organizations associated with Mossack Fonseca.
Leaked documents examined by the ABC "pierced the veil of anonymous shell companies" and linked a Sydney businessman and a Brisbane geologist to mining deals in North Korea. "Rather than applying sanctions, the Australian Government and the ASX seem to have allowed a coach and horses to be ridden through them by the people involved in forming this relationship, corporate relationship with one of the primary arms manufacturers in North Korea," said Thomas Clark of the University of Technology Sydney.
ItineraryThis is a typical itinerary for this productStop At: Fort San Lorenzo, Colon, Colon ProvinceThe ruins of San Lorenzo Fort which is famous for repelling attacks by all the pirates of the Caribbean for almost 75 years. Duration: 1 hourStop At: Agua Clara Locks, Colon, Colon ProvinceYou will have the opportunity to see post-Panamax boat transiting the new Canal Locks.Duration: 1 hour