^ Robert Cribb; Marco Chown Oved (April 4, 2016). "How offshore banking is costing Canada billions of dollars a year: An unprecedented leak of secretive offshore tax-haven data contains stunning new revelations about the diversion of wealth from government coffers to hidden bank accounts". Archived from the original on April 24, 2016. Retrieved May 2, 2016.
The US Dodd-Frank Act was supposed to help bring about the end of conflict diamonds and minerals in the US. The idea was that public opinion would force divestment over time. Section 1502 does not require divestment, but does mandate disclosure.[448] But instead the disclosure requirement has simply meant new business opportunities for money launderers.[449]
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]
Back in the 1940s, Coronado was just a few sleepy ranches alongside an unspoiled stretch of blue Pacific and black-and-white speckled beaches. However, Coronado is now a highly popular beach town on the Pacific coast of Panama. Located an hour from Panama City, it is on the ‘Arco Seco’ (‘dry arch’) stretch of coastline, so Read more...: Coronado, Panama
The United States government said Operation Just Cause, which began on December 20, 1989, was "necessary to safeguard the lives of U.S. citizens in Panama, defend democracy and human rights, combat drug trafficking, and secure the neutrality of the Panama Canal as required by the Torrijos–Carter Treaties" (New York Times, A Transcript of President Bush's Address n.p.).[33] Human Rights Watch wrote in its 1989 report: "Washington turned a blind eye to abuses in Panama for many years until concern over drug trafficking prompted indictments of the general [Noriega] by two grand juries in Florida in February 1988".[34] The US reported 23 servicemen killed and 324 wounded, with Panamanian casualties estimated around 450. Described as a surgical maneuver, the action led to estimates of civilian death from 200 to 4,000 during the two weeks of armed activities. The United Nations put the Panamanian civilian death toll at 500, the United States gave a figure of 202 civilians killed and former US attorney general Ramsey Clark estimated 4,000 deaths.[35][36] It represented the largest United States military operation since the end of the Vietnam War (Cajar Páez 22)[37] The number of US civilians (and their dependents), who had worked for the Panama Canal Commission and the US military, and were killed by the Panamanian Defense Forces, has never been fully disclosed.
^ Uri Blau; Daniel Dolev; Shuki Sadeh (April 3, 2016). "Panama Papers: Hundreds of Israeli Companies, Shareholders Listed in Leaked Documents Detailing Offshore Holdings: Leaked documents of Panamanian law firm reveal shell companies linked to prominent Israeli lawyers and business persons". Haaretz. Archived from the original on April 25, 2016. Retrieved April 25, 2016.
An investigation by ICIJ partner The Namibian found that the imprisoned mafioso Vito Roberto Palazzolo shielded his finances from Italian, Namibian and South African authorities with shell companies in the British Virgin Islands set up by a German banker in Hong Kong, Wolf-Peter Berthold, which they also used to transfer control of Palazzolo's assets to his son.[209]
We lived in PCB for 6 years came back to visit after a few years. Not sure if they're trying to compensate for hurricane Michael but was very disappointed with the merchants... Every restaurant we went to was a minimum of $30 (2ppl) and what we bought for a dollar at Alvin's was $10 at another...We drove over the causeway only to be more disappointed, the destruction was heart breaking...i wish we could fix it and make it all beautiful the way it was but this is life. My heart goes out to all on the coast affected and yous are definitely 850 strong!
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]
The Panama Free Trade Agreement, supported by Obama and Clinton, has been accused of enabling the practices detailed within the Panama Papers through regulatory oversight.[416] However, an Obama administration official said the argument has "zero merit".[417] John Cassidy of The New Yorker, said the Panama Free Trade Agreement actually forced Panama to release information to the American regulatory authorities on "the ownership of companies, partnerships, trusts, foundations, and other persons".[418]
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]
In April 2019, the ICIJ and European newspapers reported that the global tally of such payments exceeded one billion USD, and is now at 1.2 billion. In comparison, Great Britain recovered the largest position (253 million), followed by Denmark (237 million), Germany (183 million), Spain (164 million), France (136 million) and Australia (93 million). Colombia with 89 million recuperated the highest amount for South and Central American countries, which were heavily involved in the financial scandal. While investigations are ongoing in Austria, Canada and Switzerland, and more payments are to be expected, many countries are conducting continued inspections of companies and private individuals revealed in the report.[504][505]

Panamá is located between the Pacific Ocean and tropical rain forest in the northern part of Panama. The Parque Natural Metropolitano (Metropolitan Nature Park), stretching from Panama City along the Panama Canal, has unique bird species and other animals, such as tapir, puma, and caimans. At the Pacific entrance of the canal is the Centro de Exhibiciones Marinas (Marine Exhibitions Center), a research center for those interested in tropical marine life and ecology, managed by the Smithsonian Tropical Research Institute.

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.
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.
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]

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.[455]
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]
Due to its location on the Gulf Coast, the city is susceptible to tropical cyclones. In 2018, Panama City was directly hit by Hurricane Michael, which caused catastrophic damage to the city and surrounding communities, with winds of 160 mph (260 km/h) at landfall. The city previously suffered significant indirect impacts from Hurricane Ivan (2004) and Hurricane Opal (1995).
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]
Panama City's public schools are operated by Bay District Schools. A system of charter schools, University Academy and Bay Haven Schools also services the Panama City area. Private schools in the city include, Holy Nativity Episcopal School, St. John Catholic School, Jacob Austin Prep. Academy, Covenant Christian School. Gulf Coast State College, formerly Gulf Coast Community College, is now a 4-year state college. Florida State University Panama City Campus and a satellite campus of Troy University are located in the city. Embry Riddle Aeronautical University has a satellite campus on Tyndall Air Force Base. Public high schools in the Panama City metro-area include Rutherford High School, Bay High School, Mosley High School, Arnold High School, Bozeman Learning Center, and Rosenwald High School.
The Panama Free Trade Agreement, supported by Obama and Clinton, has been accused of enabling the practices detailed within the Panama Papers through regulatory oversight.[416] However, an Obama administration official said the argument has "zero merit".[417] John Cassidy of The New Yorker, said the Panama Free Trade Agreement actually forced Panama to release information to the American regulatory authorities on "the ownership of companies, partnerships, trusts, foundations, and other persons".[418]
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.
Mounir Majidi, personal secretary of King Mohammed VI was designated in March 2006 as the representative of SMCD Limited created in 2005 through Geneva financial advisor Dextima Conseils. According to the ICIJ, through SMCD Majidi bought the "Aquarius W", a 1930s-era luxury sailboat, which was then registered in Morocco as "El Boughaz", belonging to the king. SMCD, according to the ICIJ, also made a loan to a Luxembourg company, Logimed Investissements Co SARL, for which details are not available. Following this loan, SMCD was liquidated in 2013.[462]
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]

A central spine of mountain ranges extends almost the entire length of Panama, dividing the country into Atlantic- and Pacific-facing slopes. The two principal ranges, the Tabasará Mountains (Cordillera Central) in the west and the Cordillera de San Blas in the east, are separated near the centre of the country by a saddle of lower land. This depression (the Panama Canal site) divides the country again—roughly into western and eastern halves. Of the four quadrants thus formed, the southwestern has the largest number of settlements; however, the environs of the canal account for most of Panama’s population and commerce. The country’s highest peak is an inactive volcano, Barú (Chiriquí), which reaches an elevation of 11,401 feet (3,475 metres).
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]
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]
Ethnic groups in Panama include Mestizo people, who have a mix of European and native ancestry. Black Afro-Panamanians account for 15–20 percent of the population. Most Afro-Panamanians live on the Panama-Colón metropolitan area, the Darien Province, La Palma, and Bocas Del Toro. Neighborhoods in Panama City that have large black populations include: Curundu, El Chorrillo, Rio Abajo, San Joaquín, El Marañón, San Miguelito, and Santa Ana.[citation needed] Black Panamanians are descendants of African slaves brought to the Americas in the Atlantic Slave Trade. The second wave of black people brought to Panama came from the Caribbean during the construction of the Panama Canal. Panama also has a considerable Chinese and Indian (India) population brought to work on the canal during its construction. Most Chinese-Panamanians reside in the province of Chiriquí.[citation needed] Europeans and white-Panamanians are a minority in Panama. Panama is also home to a small Arab community that has mosques, practises Islam, as well as a Jewish community and many synagogues.
Mossack Fonseca's Hong Kong office was its busiest, says the ICIJ, as Chinese officials and other wealthy figures would carry funds across the border and deposit them there to be channeled to offshore entities.[28] Hong Kong invested HK$4.6 trillion (£360 billion) into the BVI – more than Hong Kong invested in mainland China – and received HK$4.1 trillion (over £300 billion) from the BVI. A further £20 billion or so was placed into the Cayman Islands and Bermuda individually.[339]

Mr. Cameron, whose father was a client of the Panamanian law firm, initially said he had not benefited from any “offshore funds,” only to confirm later that he and his wife had profited when they sold shares in an offshore trust for 30,000 pounds ($42,160) in 2010, the year he became prime minister. (The dividends they earned were declared and taxed, Mr. Cameron said.)

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.

The Panamanian Public Forces are the national security forces of Panama. Panama is the second country in Latin America (the other being Costa Rica) to permanently abolish its standing army. Panama maintains armed police and security forces, and small air and maritime forces. They are tasked with law enforcement and can perform limited military actions.
Guinean President Alpha Condé launched an investigation after he was elected in 2010. Separately, so did the US Federal Bureau of Investigation (FBI) and the US justice department, suspecting violations of the Foreign Corrupt Practices Act. In August 2014 Mossack Fonseca received a Tax Information Exchange Agreement (TIEA) notice from the US government inquiring into ownership of Pentler and two other BSGR companies administered by Mossack Fonseca's Geneva office. However, the president of Pentler's financial management firm, Menachem Eitan, was a fugitive from the US SEC facing charges over a $55 million Ponzi scheme.[460]
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]
Additional stories were released based on this data, and the full list of companies was released in early May 2016.[64] The ICIJ later announced the release on May 9, 2016 of a searchable database containing information on over 200,000 offshore entities implicated in the Panama Papers investigation and more than 100,000 additional companies implicated in the 2013 Offshore Leaks investigation.[65] Mossack Fonseca asked the ICIJ not to publish the leaked documents from its database. "We have sent a cease and desist letter," the company said in a statement.[66]
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]
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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