As of the census of 2010, there were 36,484 people, 14,792 households, and 8,613 families residing in the city. The population density was 1,245.2 people per square mile (481.3/km2). There were 17,438 housing units at an average density of 595.2 per square mile (230.1/km2). As of the census of 2010, the racial makeup of the city is 71.6% White, 22.0% African American, 1.6% Asian, 0.5% Native American, 0.1% Pacific Islander, 2.9% from two or more races, and 5.1% Hispanic or Latino of any race.
According to the CIA World Factbook, as of 2012 Panama had an unemployment rate of 2.7 percent. 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. 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.
On April 8, a few hours after the publication of a new series of articles focusing on art hidden behind offshore companies, a prosecutor sequestered a Modigliani worth some $25 million at Geneva Freeport. Litigation in New York alleged the painting had been stolen by Nazis during World War II; the defendants said they did not own it, but the leaked documents show that they control International Art Center, a shell company registered in Panama which does own it.
Minister of Industry and Mines Abdeslam Bouchouareb has been sole owner of a Panamanian-registered offshore company known as Royal Arrival Corp since 2015. The company, active in Turkey, Great Britain and Algeria, is managed through Compagnie d'Etude et de Conseil (CEC), based in Luxembourg, and has an account in the Swiss NBAD Private Bank. CEC confirmed the ownership of Royal Arrival and said it managed the minister's inherited assets with transparency.
President of the Nigerian Senate Bukola Saraki was found, through the Panama Papers leak, to have ties to at least four offshore companies he failed to declare to the Code of Conduct Bureau as Nigerian law requires. His wife Toyin also had shell companies listed in her name in the Mossack Fonseca documents: Girol Properties Ltd, Sandon Development Limited and *Landfield International Developments Ltd. Saraki has said that the assets in these holding companies belong to his wife's family and therefore he was not required to report them. ANCIR dismisses this because:
Many senior EU figures have been implicated in the Panama Papers scandal. The European Commissioner for Taxation, Pierre Moscovici, has said that the European Union as a whole had a "duty" to prevent the kind of tax avoidance uncovered in the Panama Papers scandal. Moscovici told reporters the use of offshore companies to hide what he called "shocking amounts" of financial assets from tax authorities was "unethical". He estimated that the tax shelters resulted in an annual loss of some €1 trillion in public finances, adding that the European Commission has attempted to tighten tax rules across the union since November 2014 due to the Luxembourg Leaks scandal, also revealed by the ICIJ, and that he hoped the extent of the Panama Papers revelations would spur countries to action.
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.
HSBC also appeared to reassure Mossack Fonseca not only that it was "comfortable" with Makhlouf as a client but suggested there could be a rapprochement with the Assad family by the US. Makhlouf is already known to be a long-standing client of HSBC's Swiss private bank, holding at least $15 million with it in multiple accounts in 2006. The Panamanian files also show HSBC provided financial services to a Makhlouf company called Drex Technologies, which HSBC said was a company of "good standing".
^ "Hong Kong innovation minister, Polytechnic University embroiled in Panama Papers leaks: Documents show that Nicholas Yang was involved with two companies set up by the institution through Panamanian law firm Mossack-Fonseca in the British Virgin Islands". South China Morning Post. April 22, 2016. Archived from the original on April 23, 2016. Retrieved April 22, 2016.
On April 8, President Varela denounced France's proposal to return Panama to a list of countries that did not cooperate with information exchange. Minister of the Presidency Alvaro Alemán categorically denied that Panama is a tax haven, and said the country would not be a scapegoat. Alemán said that talks with the French ambassador to Panama had begun.
Bollywood celebrities Amitabh Bachchan, his daughter-in-law and actress Aishwarya Rai Bachchan and actor Ajay Devgan are listed in the papers. Bachchan has denied any connection to overseas companies, and a spokesman for Rai also questioned the documents' authenticity. Bachchan repeated the denial in response to an August 21 report that he was listed as a director of two companies and participated in board meetings.
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.
Ricardo Salinas Pliego, president of Grupo Salinas, which includes Azteca, Banco Azteca and Azteca Foundation among others, used an offshore company set up in the Virgin Islands to purchase a yacht, Azteca II, flagged in the Cayman Islands. Felicitas Holdings Limited, registered in the British Virgin Islands, spent £261 million in 2014 on art by Francisco de Goya and also bought works by Mexican painter Manuel Serrano; the press director of Grupo Salinas told Forbes that all of Pliego's transactions complied with the law.
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.
Kalotti, which exports about 40% of Dubai's gold, bought about $5.2 billion in gold in 2012 with little to no paperwork, according to Ernst & Young partner Amjad Rihan. Rijan has said that both the DMCC and his employer squashed his concerns, and the DMCC changed its audit procedures to ensure a more favorable outcome in the future. ANCIR journalists obtained records showing that Kalotti has sold "scrap gold" to other refiners including Valcambi. Leaked documents show PAMP Holding Mauritius signed an agreement with MKS Holding BV and two shell companies described as its beneficial owners: Panama-based Mountside Investment and Hong Kong-based Dynamic Bonus Limited. In 2010 MKS Holdings owned 72% of a joint venture between MMTC Ltd., owned by the State of India, and Switzerland's PAMP. This joint venture does supply big multinationals like Apple.
Among those indicted were Jeffrey Webb and Jack Warner, the current and former presidents of CONCACAF, the continental confederation under FIFA headquartered in the United States. They were charged with racketeering and bribery offenses. Others were US and South American sports marketing executives who paid and agreed to pay well over $150 million in bribes and kickbacks.
The city proper has approximately 880,691 inhabitants in 23 boroughs. The inhabitants of Panama City are commonly referred to as capitalinos and include large numbers of Afro-Panamanians, mestizos, and mulattos, with notable white and Asian minorities. There is a great deal of cultural diversity within the city, which manifests itself in the wide variety of languages commonly spoken, such as German, Portuguese, French, Arabic, Chinese, Hebrew and English, in addition to Spanish.
Former South African president Thabo Mbeki, head of the African Union's panel on illicit financial flows, on April 9 called the leak "most welcome" and called on African nations to investigate the citizens of their nations who appear in the papers. His panel's 2015 report found that Africa loses $50 billion a year due to tax evasion and other illicit practices and its 50-year losses top a trillion dollars. Furthermore, he said, the Seychelles, an African nation, is the fourth most mentioned tax haven in the documents.
Panama City is a city and the county seat of Bay County, Florida, United States. Located along U.S. Route 98, it is the largest city between Tallahassee and Pensacola. It is the more populated of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. As of the 2010 census, the population was 36,484. The city was catastrophically damaged when Hurricane Michael made landfall as a Category 5 hurricane on October 10, 2018.
"This is a unique opportunity to test the effectiveness of leaktivism", said Micah White, co-founder of Occupy, "... the Panama Papers are being dissected via an unprecedented collaboration between hundreds of highly credible international journalists who have been working secretly for a year. This is the global professionalization of leaktivism. The days of WikiLeaks amateurism are over."
Tourism in Panama is rapidly growing. It has maintained its growth over the past five years due to government tax and price discounts to foreign guests and retirees. These economic incentives have caused Panama to be regarded as a relatively good place to retire. Real estate developers in Panama have increased the number of tourism destinations in the past five years because of interest in these visitor incentives.
The OECD, the G20, or the European Union could also institute another list for countries that are inadequate in more than one area. Countries meeting none of these criteria, such as Panama, Vanuatu and Lebanon, would go on the blacklist. Countries that meet only one criterion would go on the greylist. In April 2016, if this greylist had been in place it would have included nine countries: Antigua and Barbuda, Bahrain, Brunei, Dominica, Liberia, Nauru, Samoa, Tobago and the United Arab Emirates.
The Church of Jesus Christ of Latter-day Saints (LDS Church) claims more than 40,000 members. 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. Indigenous religions include Ibeorgun (among Kuna) and Mamatata (among Ngäbe). There are also a small number of Rastafarians.
This is a partial list of people named in the Panama Papers as shareholders, directors and beneficiaries of offshore companies. The International Consortium of Investigative Journalists (ICIJ) released the full list of companies and individuals in the Panama Papers on 10 May 2016. ICIJ published the following disclaimer with regard to the data provided: "There are legitimate uses for offshore companies, foundations and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Power Players interactive application have broken the law or otherwise acted improperly."
Putin denied "any element of corruption", and said his opponents are trying to destabilize Russia. Putin also said: "WikiLeaks has showed us that official people and official organs of the US are behind this." On 2016's annual Direct Line with Vladimir Putin, he called the leaked documents "reliable" but confined his comments to Roldugin, saying that Western media did not understand that the musician has spent all his off-shore income on "musical instruments for Russia". Putin also said Goldman Sachs owned shares in the parent company of Süddeutsche Zeitung, which is in fact owned by a Munich family and a German media group. The Kremlin apologized for this "mistake".
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.
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.
The current wife of former prime minister of Spain Felipe González, María García Vaquero, opened an account in Switzerland for Carmingo Ltd in 2004 in the tax haven of Niue, an island in the South Pacific. The lawyer Cándido Conde-Pumpido Jr., son of former General Prosecutor of Spain and magistrate of the Supreme Court of Spain, Cándido Conde-Pumpido, asked to open a Mossack Fonseca offshore company in 2008, though the transaction wasn't completed[why?]. He had intended the offshore company to be an intermediary in a project to build a skyscraper in the capital of Panama, not to hide money.
The urban population, many living below the poverty level, was greatly affected by the 1989 intervention. As pointed out in 1995 by a UN Technical Assistance Mission to Panama, the bombardments during the invasion displaced 20,000 people. The most heavily affected district was impoverished El Chorrillo, where several blocks of apartments were completely destroyed. El Chorrillo had been built in the days of Canal construction, a series of wooden barracks which easily caught fire under the United States attack. The economic damage caused by the intervention has been estimated between 1.5 and 2 billion dollars. n.p. Most Panamanians supported the intervention.
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.
The late Benazir Bhutto was also a Mossack Fonseca client. In 2001 the firm set up BVI company Petroline International Inc. for Bhutto, her nephew Hassan Ali Jaffery Bhutto, and her aide and head of security Rehman Malik, who later became a Senator and Interior Minister in the government of Yousaf Raza Gillani. Mossack Fonseca had deemed Bhutto's first company, the similarly named Petrofine FZC, politically sensitive and "declined to accept Mrs Bhutto as a client." A United Nations committee chaired by former US Federal Reserve head Paul Volcker had determined in a 2005 investigation into abuses of the oil-for-food program that Petrofine FZC paid US$2 million to the Iraqi government of Saddam Hussein to obtain US$115–145 million in oil contracts.