WikiLeaks spokesperson Kristinn Hrafnsson, an Icelandic investigative journalist who worked on Cablegate in 2010, said withholding some documents for a time does maximise the leak's impact, but called for full online publication of the Panama Papers eventually.[80] A tweet from WikiLeaks criticized the decision of the ICIJ to not release everything for ethical reasons: "If you censor more than 99% of the documents you are engaged in 1% journalism by definition."[81] 

Austria's financial market authority has announced that they will audit two Austrian banks that were mentioned in the Panama Papers – Raiffeisenbank International (RBI) and Hypo Vorarlberg [de]. It will be specifically examining whether the banks have complied with their obligation to prevent money laundering. Hypo Vorarlberg subsequently announced that while they have complied with all laws in the past, they are planning to retreat completely from the offshore sector.[174]

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]
By April 8, the government understood that media reports were addressing tax evasion and that they were not attacking Panama. The president met on Wednesday April 7, with CANDIF, a committee of representatives from different sectors of the economy which includes the Chamber of Commerce, Chamber of Industry and Agriculture, the National Lawyers Association, the International Lawyers Association, the Banking Association and the Stock Exchange, and entered full crisis management mode.[129]On the same day he announced the creation of a new judiciary tribunal and a high-level commission led by Nobel Prize Laureate Joseph Stiglitz. There were accussations that foreign forces were attacking Panama because of Panama's "stable and robust economy".[130]
Many of the expats here also cite Panama’s geographical diversity and location, with proximity to North America being a major factor. In a country roughly the size of South Carolina, you’ll find mountains and beaches within an easy striking distance—no matter where in the country you are. Wake up on the Caribbean and have lunch overlooking the Pacific…they’re a couple of hours apart at the isthmus’ “skinniest” sections. Choose your preferred climate, topography, population density and more in Panama’s varied landscape.

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.
Leader of the Opposition Jeremy Corbyn said "The government needs to stop pussyfooting around on tax dodging"[311] and called for "direct rule" to be imposed over British Overseas Territories and Crown dependencies that act as tax havens.[312] Former Business Secretary Vince Cable agreed, although former attorney general Dominic Grieve described the proposal as a "bit of a nuclear option"[313] which would "destroy the livelihoods" of BVI inhabitants in the finance industry.[314] The Labour Party also said that Cameron's planned "anti-corruption" summit in May[315] would be "a charade" if Cameron, as chairman of the summit, did not require representatives of all Crown dependencies and overseas territories to attend.[316]
Anti-corruption group Transparency International believes that the "creation of businesses while serving as president is a direct violation of the constitution".[296] Also, journalists from the Organized Crime and Corruption Reporting Project believe that with the move Poroshenko committed two other illegalities, starting a new business while in office and failing afterwards to report it on his disclosure statements.[296] Poroshenko denied any wrongdoing and a spokesman said the offshore company had no active assets and was a legitimate corporate restructure aimed at helping to sell Poroshenko's Roshen group.[296] Analysts in Ukraine responded that the secretive way Poroshenko set up these accounts was certain to undermine trust in him, his party and Ukraine itself.[297]

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]

Before Europeans arrived Panama was widely settled by Chibchan, Chocoan, and Cueva peoples. The largest group were the Cueva (whose specific language affiliation is poorly documented). The size of the indigenous population of the isthmus at the time of European colonization is uncertain. Estimates range as high as two million people, but more recent studies place that number closer to 200,000. Archaeological finds and testimonials by early European explorers describe diverse native isthmian groups exhibiting cultural variety and suggesting people developed[clarification needed] by regular regional routes of commerce.
The leak also revealed an extensive conflict of interest between a member of the FIFA Ethics Committee and former FIFA vice president Eugenio Figueredo.[501] Swiss police searched the offices of UEFA, European football's governing body, after the naming of former secretary-general Gianni Infantino as president of FIFA. He had signed a television deal while he was at UEFA with a company called Cross Trading, which the FBI has since accused of bribery. The contract emerged among the leaked documents. Infantino has denied wrongdoing.[503]
Reporters sorted the documents into a huge file structure containing a folder for each shell company, which held the associated emails, contracts, transcripts, and scanned documents Mossack Fonseca had generated while doing business with the company or administering it on a client's behalf.[52] Some 4.8 million leaked files were emails, 3 million were database entries, 2.2 million PDFs, 1.2 million images, 320,000 text files, and 2242 files in other formats.[52][59]
The development in this once unincorporated part of Northwest Florida had previous names such as Floriopolis, Park Resort, and Harrison.[7] In 1906, the development was named Panama City and it was first incorporated as Panama City in 1909. 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. According to the Panama City Public Library's A History of Panama City,[8] George Mortimer West hoped to spur real estate development in Bay County during a period of intense popular interest in the construction of the Panama Canal by changing the town's name from Harrison to Panama City, because a straight line between Chicago and the capital of the Central American country of Panama intersected the Florida town. Additionally, since required meanders around land formations in a seaborne route to the canal added distance when starting at other ports, Panama City was the closest developed port in the US mainland to the Caribbean entrance of the Panama Canal.
By April 8, the government understood that media reports were addressing tax evasion and that they were not attacking Panama. The president met on Wednesday April 7, with CANDIF, a committee of representatives from different sectors of the economy which includes the Chamber of Commerce, Chamber of Industry and Agriculture, the National Lawyers Association, the International Lawyers Association, the Banking Association and the Stock Exchange, and entered full crisis management mode.[129]On the same day he announced the creation of a new judiciary tribunal and a high-level commission led by Nobel Prize Laureate Joseph Stiglitz. There were accussations that foreign forces were attacking Panama because of Panama's "stable and robust economy".[130]

Outside Panama City, regional festivals take place throughout the year featuring local musicians and dancers. Panama's blended culture is reflected in traditional products, such as woodcarvings, ceremonial masks and pottery, as well as in Panama's architecture, cuisine and festivals. In earlier times, baskets were woven for utilitarian uses, but now many villages rely almost exclusively on income from the baskets they produce for tourists.
Panama is an important country for many reasons. Considered an isthmus (a narrow strip of land with sea on either side, forming a link between two larger areas of land), it became a land bridge approximately 2.8 million years ago connecting both the North America and South America continents. Over time this formation affected the biodiversity of the world enabling animals to migrate from north to south, changing the weather patterns across the world, even in Europe. The development of the isthmus created the Gulf Stream which gives definition to rainfall amounts, temperatures, tides, and climates for the region.
In 2015, Süddeutsche Zeitung (SZ) was contacted by an anonymous source calling him or herself "John Doe," who offered to leak the documents. Doe did not demand any financial compensation in return, according to the SZ. The total volume of data comes to about 2.76 terabytes, making it the biggest data leak in history. The data pertains to the period spanning from the 1970s to the spring of 2016.
American film-maker Stanley Kubrick had an estimated personal worth of $20 million when he died in 1999, much of it invested in an 18th-century English manor he bought in 1978. He lived in that manor for the rest of his life, filming scenes from The Shining, Full Metal Jacket and Eyes Wide Shut there as well. Three holding companies set up by Mossack Fonseca now own the property, and are in turn held by trusts set up for his children and grandchildren.[26] Since Kubrick was an American living in Britain, without the trust his estate would have had to pay transfer taxes to both governments and possibly have been forced to sell the property to obtain the liquid assets to pay them.[27] Kubrick is buried on the grounds along with one of his daughters, and the rest of his family still lives there.[26][27]
In 2008–2009, the Beny Steinmetz Group Resources (BSGR) and its owner Beny Steinmetz paid just $165 million for the mining rights to the northern portion of Simandou mine, located in the Nzérékoré region of Guinea's interior. Soon after, he sold 51 percent of the rights to Vale for $2.5 billion. Rio Tinto, which had previously held the concession, had invested $450 million into infrastructure at the site.[458] Global Witness says BSGR in fact paid nothing for the rights, and the $165 million represents BSGR's self-reported investment in improvements at the site. It adds that either way BSGR's profit exceeded the national budget of Guinea.[459]
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.[citation needed]
The Church of Jesus Christ of Latter-day Saints (LDS Church) claims more than 40,000 members.[80] Smaller religious groups include Seventh-day Adventists, Jehovah's Witnesses, Episcopalians with between 7,000 and 10,000 members, Jewish and Muslim communities with approximately 10,000 members each, Hindus, Buddhists, and other Christians.[81] Indigenous religions include Ibeorgun (among Kuna) and Mamatata (among Ngäbe).[81] There are also a small number of Rastafarians.[81]
In 2015, Süddeutsche Zeitung (SZ) was contacted by an anonymous source calling him or herself "John Doe," who offered to leak the documents. Doe did not demand any financial compensation in return, according to the SZ. The total volume of data comes to about 2.76 terabytes, making it the biggest data leak in history. The data pertains to the period spanning from the 1970s to the spring of 2016.
Seabury seems to have been set up solely for doing business with DP World. It was started in 2008, a year after Senegal signed a contract with DP World for rights to the container terminal at the Autonomous Port of Dakar.[20] In April 2009 Wade became minister of international cooperation, of territorial development, air transport and infrastructure, which he remained until his father's defeat by Macky Sall in the 2012 election.[20] Regory Invest acted as a Seabury subcontractor, receiving €65,000 euros a month, according to the documents.[20]
Since the end of the 20th century, association football has become more popular in Panama.[citation needed] The top tier of domestic Panamanian football, Liga Panameña de Fútbol, was founded in 1988. The national team appeared at the FIFA World Cup for the first time in 2018, appearing in group G, facing Belgium, England and Tunisia. However, the team lost all three games, failing to advance past the group stage. Notable players for the national team include Luis Ernesto Tapia, Rommel Fernández, the Dely Valdés Brothers: Armando, Julio and Jorge; and more recent players as Jaime Penedo, Felipe Baloy, Luis Tejada, Blas Pérez, Román Torres and Harold Cummings.
Ken Emrith, a member of the opposition United National Congress (UNC), is linked to a bribery scandal in Brazil through Panamanian shell companies used to transfer millions of US dollars to offshore bank accounts.[411] The Brazilian construction company Grupo OAS [pt] was awarded a contract in 2011 through the National Infrastructure Development Company (NIDCO) by the People's Partnership administration to build a highway in Trinidad for TT$5.2 billion.[note 2] The highway is 49% complete, but it is now estimated that the highway will cost TT$8 billion when done.[411] Investigators have found that Emirth's companies received $6 million from NIDCO and that Emirth was also a director of Pembury Consultants (Trinidad and Tobago) Limited, which OAS hired on the highway project as a consultant at $44,800 a month.[411] Through May 2013 OAS paid Pembury at least TT$896,000; totals beyond that date are not currently available.[411]
Alaa Mubarak, son of former president Hosni Mubarak, was cited as owning, through holding companies, real estate properties in London.[192] The assets of his Virgin Islands-registered firm Pan World Investments were frozen in response to a European Union order when his father stepped down in 2011 during the Arab Spring. Mossack Fonseca was fined $37,500 in 2013 for lack of due diligence. Alaa and his brother were convicted last year of embezzling state funds and still face trial for insider trading.[452]
Former French budget minister Jérôme Cahuzac, who spearheaded a crackdown on tax fraud while in office, was a client of Mossack Fonseca and through them owned a Seychelles company named Cerman Group Limited, incorporated in 2009. When France investigated 2013 allegations by Mediapart that in 2000 Cahuzac had held undeclared assets in an account first in Switzerland, then Singapore, he resigned his cabinet post, protesting his innocence,[185] but admitted a few months later that he indeed had hidden €600,000 in a UBS account and then moved it to keep it hidden, "while continuing to lead France's clampdown on tax evasion".[186] The French Socialist Party unanimously voted to expel him a week later.[187] On the heels of the April 2013 "Cahuzac affair", President Hollande created the parquet national financier (PNF), a judiciary investigation unit specializing in large-scale fraud and corruption investigations.[188]
Steinmetz, who has a personal fortune of $6 billion, supplies diamonds to Tiffany and DeBeers and is Sierra Leone's largest private investor. Yet, according to a detailed report in The Namibian, his Octea subsidiary owes, among other debts, property taxes of $700,000 to the city of Koidu. These unpaid taxes are discounted, according to mayor Saa Emerson Lamina, because Octea promised a 5% profit−sharing agreement, and payment 1% of its annual profit to a community development fund, but it did not do this either.[18] 
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