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.
^ 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.
The Panama Papers are documents that contain personal financial information about a number of wealthy individuals and public officials that had previously been kept private. Among those named in the leak were a dozen current or former world leaders, 128 other public officials, and politicians and hundreds of celebrities, business people and other rich individuals.
In response to queries from the Miami Herald and ICIJ, Mossack Fonseca issued a 2,900-word statement listing legal requirements that prevent using offshore companies for tax avoidance and total anonymity, such as FATF protocols which require identifying ultimate beneficial owners of all companies (including offshore companies) before opening any account or transacting any business.
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.
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.
Panama, Vanuatu and Lebanon may find themselves on a list of uncooperative tax havens that the Organisation for Economic Co-operation and Development (OECD) re-activated in July 2016 at the request of G20 nations, warned Le Monde, a French newspaper that participated in the investigation. Those three countries followed none of the OECD's three broad guidelines for international banking cooperation:
The home of several Native American peoples, such as the Guaymí, Kuna, and Chocó, Panama became the first Spanish colony on the Pacific. Celebrated as “the door to the seas and key to the universe,” it served in the 1530s as the staging point for the Spanish conquest of the Inca empire, and until the 19th century it was a transshipment point for gold and silver destined for Spain. With the independence of Colombia, which once controlled Panama, from Spain, Panama came to serve as another staging point, this time for oceangoing migrants to the gold fields of California.
Isabel Saint Malo de Alvarado, Vice President of Panama, said in an op-ed piece published April 21 in The Guardian that President Juan Carlos Varela and his administration have strengthened Panama's controls over money-laundering in the twenty months they have been in power, and that "Panama is setting up an independent commission, co-chaired by the Nobel laureate Joseph Stiglitz, to evaluate our financial system, determine best practices, and recommend measures to strengthen global financial and legal transparency. We expect its findings within the next six months, and will share the results with the international community."
One of the newer tourist areas of the city is the area immediately east of the Pacific entrance of the canal, known as the Amador Causeway. This area is currently being developed as a tourist center and nightlife destination. The Smithsonian Tropical Research Institute operates a station and a small museum open to the public at Culebra Point on the island of Naos. A new museum, the Biomuseo, was recently completed on the causeway in 2014. It was designed by the American architect Frank Gehry, famous for the Guggenheim Museum Bilbao and the Disney Concert Hall in Los Angeles. Just outside the city limits is the Parque Municipal Summit. A new convention center called the Amador Convention Center is being built in Amador by CSCEC in a joint venture with a Panamanian company called CCG Cocige. The Panamanian ministry of Tourism hopes for the convention center to house 100 international events annually. There were plans(proposed by Panamanian president Juan Carlos Varela) to build in Amador a campus for the embassy of the People's Republic of China in Panama, however the plans were eventually dropped, due to criticism from the general public and fears that tourists could easily assume that Panama was Chinese territory. Varela in response said that Amador is an area that "must have more value".
Putin's name does not appear in any of the records released to date, but those of his associates do. Construction billionaires Arkady and Boris Rotenberg, musician Sergei Roldugin and business magnate Alisher Usmanov are mentioned in the leaked documents, as are Putin's long-standing friend, billionaire Gennady Timchenko, as well as his press secretary's spouse, his cousin, and former KGB colleagues, as well as several oligarchs connected to Mossack Fonseca shell companies.
Nawaz Sharif was the second top official to be ruled out as the result of information disclosures in the Panama Papers. Supreme Court disqualified him from office. One judge said that Mr Sharif was no longer "eligible to be an honest member of the parliament". Pakistan's ruling party, the Pakistan Muslim League-Nawaz (PML-N), was permitted by the speaker of the National Assembly to select an interim prime minister until the 2018 general election. The Supreme Court verdict was announced in the context of heightened security in the capital. Over 3,000 armed police and members of the Pakistan Rangers paramilitary force were deployed around the Supreme Court. The verdict followed months of dramatic news coverage and social media debates, the divisions falling largely along party lines.
^ "Iceland's PM says he will not resign in Panama Papers scandal". Belfast Telegraph. April 4, 2016. Retrieved April 4, 2016. He allegedly sold his half of the company to Palsdottir for one US dollar on 31 December 31, 2009, the day before a new Icelandic law took effect that would have required him to declare the ownership of Wintris as a conflict of interest.
Meanwhile, Noriega's regime had fostered a well-hidden criminal economy that operated as a parallel source of income for the military and their allies, providing revenues from drugs and money laundering. Toward the end of the military dictatorship, a new wave of Chinese migrants arrived on the isthmus in the hope of migrating to the United States. The smuggling of Chinese became an enormous business, with revenues of up to 200 million dollars for Noriega's regime (see Mon 167).
Businesswoman Ingibjörg Pálmadóttir and her husband Jón Ásgeir Jóhannesson have for several years financed their business dealings through a Panamanian company, Guru Invest, which owns shares in retailer Sports Direct through Rhapsody Investments (Europe), based in Luxembourg. Guru Invest paid around US$16 million to Glitnir bank after it crashed to cover the debt of Gaumur, one of Jón Ásgeir's companies, and loaned ISK 100 million to Jón Ásgeir's company Þú Blásól through an offshore company he owns named Jovita. Asked by journalists at Kjarninn where that money came from, Ingibjörg did not reply. Ingibjörg is the primary owner of the 365 media group, which owns the Icelandic news outlets Vísir.is, television channel Stöð 2 and radio stations Bylgjan, X-ið [is] and FM 957, none of which seem to be reporting this disclosure.