The leaked documents indicate that about US$2 trillion has passed through the firm's hands.[110] Several of the holding companies that appear in the documents did business with sanctioned entities, such as arms merchants and relatives of dictators, while the sanctions were in place. The firm provided services to a Seychelles company named Pangates International, which the US government believes supplied aviation fuel to the Syrian government during the current civil war, and continued to handle its paperwork and certify it as a company in good standing, despite sanctions, until August 2015.[101]
The 2012 investigation's reporters, established that Globex was owned through shell companies in Panama, and that these shell companies belonged to the president's daughters and a Swiss businessman whose name appears in other shell companies such as those that manage Azerphone, the family telecommunications monopoly. Villagers told reporters they hoped to work at the mine, which paid $12 a day, and asked them to intervene with the president about the problems the mine was causing with the water supply. They became angry and did not believe the reporters when they said the president's family had a stake in the mine.[327]
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.
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]
The constitution was changed in 1972. For the reform to the constitution[clarification needed] the military created a new organization, the Assembly of Corregimiento Representatives, which replaced the National Assembly. The new assembly, also known as the Poder Popular ("Power of the People"), was composed of 505 members selected by the military with no participation from political parties, which the military had eliminated. The new constitution proclaimed Omar Torrijos the "Maximum Leader of the Panamanian Revolution", and conceded him unlimited power for six years, although, to keep a façade of constitutionality,[citation needed] Demetrio B. Lakas was appointed president for the same period (Pizzurno Gelós and Araúz, Estudios sobre el Panamá republicano 541).[27]

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


Sri Lankan Finance Minister Ravi Karunanayake said his panel will investigate Sri Lankan names that come up in the Panama Papers, as well as the 46 who appear in the 2013 Offshore Leaks, according to the Daily Mail, since earlier leadership apparently did not do so. The country has many large outstanding foreign loans taken out under the administration of former president Mahinda Rajapakse, and the current government recently had to obtain a US$1.5 billion IMF bailout. Rajapakse has denied diverting funds. The current government came to power in January 2016 on an anti-corruption platform.[382]
Denis Christel Sassou-Nguesso is the son of Denis Sassou Nguesso, in power for 32 years and re-elected in March in a disputed election. Daniel is a representative for Oyo, a member of the ruling Parti congolais du travail or Congolese Party of Labour. He is also the assistant director-general of the Société nationale des pétroles du Congo (SNPC), and general manager of the national refinery, Coraf. According to leaked documents he had Mossack Fonseca establish a shell company in the British Virgin Islands for him named Phoenix Best Finance Ltd.
As of the 2000 census, the city's median household income was $31,572, and the median income for a family was $40,890. Males had a median income of $30,401 versus $21,431 for females. The city's per capita income was $17,830. About 12.1% of families and 17.2% of the population were below the poverty line, including 24.5% of those under age 18 and 14.9% of those age 65 or over.

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]


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.[137]
A project to build a third set of locks for the Panama Canal A was overwhelmingly approved in a referendum (with low voter turnout, however) on October 22, 2006. The official estimated cost of the project is US$5.25 billion, but the canal is of major economic importance because it provides millions of dollars of toll revenue to the national economy and provides massive employment. Transfer of control of the Canal to the Panamanian government completed in 1999, after 85 years of US control.
The US influence in Panama can be seen in the country's sports. Baseball is Panama's national sport and the country has regional teams and a national team that represents it in international events. At least 140 Panamanian players have played professional baseball in the United States, more than any other Central American country.[89] Notable players include Bruce Chen, Rod Carew, Mariano Rivera, Carlos Lee, Manny Sanguillén, and Carlos Ruiz.
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.

Newspaper Inkyfada had access to the documents and reported a dozen politicians, former government officials and lawyers had been implicated, as well as a leading media figure. Monday April 4, 2016 it reported that the former secretary-general of the Nidaa Tounes political party, Mohsen Marzouk, who was also the coordinator of the new political party, Machrouu Tounes, was on the point of creating his own account in December 2014, in the first presidential elections. Marzouk had written Mossack Fonseca about a company in the Virgin Islands, emphasizing a desire to hold funds and conduct business overseas. Marzouk denies this and has filed a defamation complaint.[481] 

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.
Sri Lankan Finance Minister Ravi Karunanayake said his panel will investigate Sri Lankan names that come up in the Panama Papers, as well as the 46 who appear in the 2013 Offshore Leaks, according to the Daily Mail, since earlier leadership apparently did not do so. The country has many large outstanding foreign loans taken out under the administration of former president Mahinda Rajapakse, and the current government recently had to obtain a US$1.5 billion IMF bailout. Rajapakse has denied diverting funds. The current government came to power in January 2016 on an anti-corruption platform.[382]

Indian politicians on the list include Shishir Bajoria from West Bengal and Anurag Kejriwal, former chief of the Delhi Lok Satta Party.[353] Bajoria said he owned two other Isle of Man companies but not the one ascribed to him in the leaked documents. Corporate services provider First Names Group acknowledged erroneously providing his information to Mossack Fonseca.[357] MF records show Kejriwal as director of three offshore companies based in the British Virgin Islands (BVI), and holding two private foundations in Panama and power of attorney of another BVI company. He acknowledged having had offshore companies but said he shut them down after a short period of time.[358]
Azerbaijan International Mineral Resources Operating Company Ltd (AIMROC) and its consortium partners spent nearly US$230 million to open a mine and build a refinery in the western Azerbaijani village of Chovdar. AIMROC possibly produced US$30 million in gold before suddenly disappearing without making payroll in May 2014.[325] Mine employees officially remain on vacation and under Azerbaijani law full-time employees cannot seek work elsewhere even though they have not been paid for two years.[326]
Since the end of Manuel Noriega's military dictatorship in 1989, Panama has successfully completed five peaceful transfers of power to opposing political factions. The political landscape is dominated by two major parties and many smaller parties, many of which are driven by individual leaders more than ideologies. Former President Martín Torrijos is the son of general Omar Torrijos. He succeeded Mireya Moscoso, the widow of Arnulfo Arias. Panama's most recent national elections occurred on May 4, 2014, with incumbent vice-President Juan Carlos Varela declared the victor. The 2019 Panamanian general election is scheduled for May 5, 2019, with current President Juan Carlos Varela being ineligible due to constitutional limits for a second term.
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.
King Salman is mentioned in the leaks in relation to two companies based in the British Virgin Islands—Verse Development Corporation, incorporated in 1999, and Inrow Corporation, incorporated in 2002. The companies took out mortgages totaling over US$34 million and purchased properties in central London.[376] His role in the companies was not specified. BVI company Crassus Limited, incorporated in 2004, registered a yacht in London, named Erga after King Salman's palace in Riyadh. The vessel boasts a banquet hall and can comfortably sleep 30.[292] King Salman is described in the documents as its "principal user".[377]
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.[60]
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.[203] 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.[204] The list also included Irish Fine Gael political advisor, Frank Flannery.[205]
United States President Ronald Reagan began a series of sanctions against the military regime. The United States froze economic and military assistance to Panama in the middle of 1987 in response to the domestic political crisis in Panama and an attack on the US embassy. These sanctions did little to overthrow Noriega, but severely damaged Panama's economy. The sanctions hit the Panamanian population hard and caused the Gross Domestic Product (GDP) to decline almost 25 percent between 1987 and 1989 (see Acosta n.p.).[32]
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.[88]
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]
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!
Newspaper Ming Pao fired deputy editor Keung Kwok-yuen following a front-page article on the Panama Papers which mentioned many prominent Hong Kong citizens. The paper blamed a "difficult business environment," but had previously fired another editor in 2014 over another leak of offshore documents.[346] Employees have been publishing blank columns scattered through the newspaper in protest of his dismissal.[347][348]
Bjarni Benediktsson, Iceland's finance minister and the chairman of Gunnlaugsson's coalition partner, comes from one of Iceland's wealthiest families. He confirmed that he owned 33% of Falson & Co., a Seychelles shell company founded in 2005 to purchase real estate in Dubai. It was still active in 2009, when Benediktsson was already a member of parliament with financial disclosure requirements. He said he registered the company with tax authorities, and he was not aware that it was registered in the Seychelles.[196] Minister of the Interior Ólöf Nordal and her husband had powers of attorney for Dooley Securities S.A., an offshore company located in Panama. She said that the company was founded for her husband but was never used, so she did not think she had to disclose it.[196] Hrólfur Ölvisson, the managing director of Gunnlaugsson's Progressive Party, says the Mossack Fonseca companies that list his name have been inactive a very long time, and were legal.[196]
In 2010, HOGL sold its 50 percent stake in Ugandan oil fields to Tullow Uganda for US$1.5 billion.[482] The Uganda Revenue Authority (URA) applied a US$404 million capital gains tax on the transaction and HOGL refused to pay.[482] A four-year battle in various courts ensued. Ugandan officials, including President Yoweri Museveni and the then-URA Commissioner-General Allen Kagina demanded the payment from Tullow, threatening not to renew its exploration licenses, which were about to expire, unless it deducted the tax from its payment to Heritage and remitted it to the URA.[482] Eventually Tullow made a down payment and deposited the rest in escrow, pending legal resolution of its appeal, which came in 2013. Tullow also successfully sued HOGL to recover taxes they had paid on its behalf.[482]
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 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.[18] 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.

Sri Lankan Finance Minister Ravi Karunanayake said his panel will investigate Sri Lankan names that come up in the Panama Papers, as well as the 46 who appear in the 2013 Offshore Leaks, according to the Daily Mail, since earlier leadership apparently did not do so. The country has many large outstanding foreign loans taken out under the administration of former president Mahinda Rajapakse, and the current government recently had to obtain a US$1.5 billion IMF bailout. Rajapakse has denied diverting funds. The current government came to power in January 2016 on an anti-corruption platform.[382]
Also listed are real estate developer and DLF CEO Kushal Pal Singh, Sameer Gehlaut of the Indiabulls group, and Gautam Adani's elder brother Vinod Adani.[353][354] Shares of both companies fell following the release of the papers, as well as those of Apollo Tyres, which had also been mentioned.[355] DLF said it had invested in existing overseas companies in compliance with the LRS Scheme set up in 2004 and reported this to the Indian tax agency.[356] An Apollo spokesman said that the family members of Chairman Onkar Kanwar who had been reported as owning offshore companies did not live in India and had complied with the law where they resided.[356] Gehlaut said he had paid full taxes and made full disclosures.[356]

It’s time to wave farewell to Panama City and get out into nature! Breathe in the fresh air of parks, islands, rainforests, and rural villages. This Panama City jungle tour will turn its back on bustling city life and welcome the rainforest in with open arms – come along for the ride!You’ll be picked up from the American Trade Hotel in the historic district, and the first part of this Panama City wildlife tour will take you past Panama Canal’s famous Culebra Cut and towards Soberania National Park, Lake Gatun, and the Chagres River.Known for its huge variety of birds (the Audubon Society's annual bird count once spotted over 500 species in 24 hours!), Soberania National Park is full of wildlife and is a wonderful place to watch for monkeys, sloths, eagles, and plenty more. There’s no denying that this spot in the Panama jungle really is the jackpot for animal lovers. You’ll also catch a boat out to Monkey Island – doesn’t take a genius to guess what you’ll find here! Keep your eyes peeled to spot a number of different species of monkey.Next, you will continue your tour up the Chagres River to an authentic Indian village. This will be an opportunity for you to get in touch with the local community, and learn all about their culture, customs, history, and more. As part of the visit, you’ll take a short hike along the trails through the rainforest to learn about how the local plants are used for medicinal purposes. With your local guide by your side through this adventure, you’ll learn plenty about the culture around you.After your Panama jungle experience of a life time, you’ll head back into the city (perhaps a little begrudgingly…) where your local guide will drop you back off at the American Trade Hotel. During the rainy season in Panama, we are unable to reach the Indian Village for the Panama City Jungle Experience. However, we can offer travelers a nice walk in the jungle as a substitute. This alternate option will be effective from early October to late December.
According to the CIA World Factbook, as of 2012 Panama had an unemployment rate of 2.7 percent.[9] A food surplus was registered in August 2008. On the Human Development Index, Panama ranked 60th in 2015. In recent years, Panama's economy has experienced a boom, with growth in real gross domestic product (GDP) averaging over 10.4 percent in 2006–2008. Panama's economy has been among the fastest growing and best managed in Latin America.[citation needed] The Latin Business Chronicle predicted that Panama would be the fastest growing economy in Latin America during the five-year period from 2010–14, matching Brazil's 10 percent rate.[54]
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.[citation needed]
Private Eye revealed that Edward Troup, appointed executive chair of HMRC in April 2016, was a former partner with Simmons & Simmons, the London-based legal firm whose clients included the Panama-registered fund created by David Cameron's father, Blairmore Holdings.[318][319] Papers obtained by the Süddeutsche Zeitung and ICIJ reveal Simmons & Simmons' close relationship with running offshore companies and major overseas property owners, including an investment company run on behalf of Sheikh Hamad bin Abdullah Al Thani, while Troup was its senior tax partner.[320]
In 1671, the privateer Henry Morgan, licensed by the English government, sacked and burned the city of Panama – the second most important city in the Spanish New World at the time. In 1717 the viceroyalty of New Granada (northern South America) was created in response to other Europeans trying to take Spanish territory in the Caribbean region. The Isthmus of Panama was placed under its jurisdiction. However, the remoteness of New Granada's capital, Santa Fe de Bogotá (the modern capital of Colombia) proved a greater obstacle than the Spanish crown anticipated as the authority of New Granada was contested by the seniority, closer proximity, and previous ties to the viceroyalty of Lima and even by Panama's own initiative. This uneasy relationship between Panama and Bogotá would persist for centuries.
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
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