Prior to the ruling, Maryam Nawaz had tweeted denial of wrongdoing, adding that she did not own "any company/property abroad," except as "a trustee" in a brother's corporation, "which only entitles me to distribute assets to my brother Hussain's family/children if needed." The leaked documents name her as a trustee of Nescoll, created in 1993, and Nielson, first registered in 1994. The two companies subscribed to Mossack Fonseca services in July 2006. Mossack Fonseca was managing Nescoll, Nielsen Holdings, and Coomber Group when the three companies obtained a £7 million mortgage from the Swiss bank, Deutsche Bank (Suisse) SA and purchased four flats in Avenfield House, at 118 Park Lane in London. Hassan, the other brother, bought Hangon Holdings and its stock in 2007 for £5.5 million; Hangon then bought property, financed through the Bank of Scotland, at 1 Hyde Park Place in London.
Frederik Obermaier, co-author of the Panama Papers story and an investigative reporter at the German newspaper Süddeutsche Zeitung, told Democracy Now: "Mossack Fonseca realised that Makhlouf was the cousin, and they realised that he was sanctioned, and they realised that he's allegedly one of the financiers of the Syrian regime. And they said, 'Oh, there is this bank who still does business with him, so we should still keep with him, as well'."
What they had counted on, however, was the influence of the separatists in the capital. Ever since October 1821, when the former Governor General, Juan de la Cruz Murgeón, left the isthmus on a campaign in Quito and left a colonel in charge, the separatists had been slowly converting Fábrega to the separatist side. So, by November 10, Fábrega was now a supporter of the independence movement. Soon after the separatist declaration of Los Santos, Fábrega convened every organization in the capital with separatist interests and formally declared the city's support for independence. No military repercussions occurred because of skillful bribing of royalist troops.
Two men linked to Fidentia, a South African asset management company that looted 1.2 billion rand from pension funds meant to provide for 46,000 widows and orphans of mineworkers, had accounts with Mossack Fonseca, which was willing to help hide the money even after South Africa made their names public. The former chief executive of Fidentia, J. Arthur Brown, was sentenced in 2014 to concurrent 15-year sentences. The FBI arrested one man, Steven Goodwin, in Los Angeles in 2008. Sent back to South Africa, Goodwin was sentenced to 10 years in prison for fraud and money laundering. The other, Graham Maddock, was also later jailed in South Africa for fraud.
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.
In Panama, nature is all about discovery. Explore the ruins of Spanish forts on the Caribbean coast or boat deep into indigenous territories in a dugout canoe. Wildlife is incidental: a resplendent quetzal on the highland trail, an unruly troupe of screeching howler monkeys outside your cabin or a breaching whale that turns your ferry ride into an adrenaline-filled event. Adventure tourism means zipping through rainforest canopies, swimming alongside sea turtles or trekking to sublime cloud-forest vistas. One small tropical country with two long coasts makes for a pretty big playground.
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.
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 documents were dubbed the Panama Papers because of the country they were leaked from; however, the Panamanian government expressed strong objections to the name over concerns that it would tarnish the government's and country's image worldwide, as did other entities in Panama and elsewhere. This led to an advertising campaign some weeks after the leak, titled "Panama, more than papers". Some media outlets covering the story have used the name "Mossack Fonseca papers".
With many U.S. states allowing medical marijuana or related products, the plant has become a go-to remedy to ease a variety of symptoms and conditions. We’ve had significant reader interest in how the countries International Living covers are dealing with this issue. The concern: If I settle in a certain country, can I continue to use medical marijuana...
One year before the start of the California Gold Rush, the Panama Railroad Company was formed, but the railroad did not begin full operation until 1855. Between 1848 and 1869, the year the first transcontinental railroad was completed in the United States, about 375,000 persons crossed the isthmus from the Atlantic to the Pacific, and 225,000 in the opposite direction. This traffic greatly increased the prosperity of the city during that period.
Since 1914 the 51-mile- (82-km-) long Panama Canal, which connects the Atlantic and Pacific Oceans, has afforded a long-sought shortcut for shipping and assures the country’s standing as one of the most strategic transportation hubs of the world. The canal also secures Panama’s ongoing role in international affairs and world commerce. The United States relinquished jurisdiction of the Panama Canal on December 31, 1999, marking an unprecedented shift in Panamanian society. For the first time in nearly a century as an independent nation, Panama controlled the entirety of its national territory.
The city's main retail center was the Panama City Mall until it was permanently closed after Hurricane Michael. It may be turned into an outdoor mall, but this has not been officially confirmed. Another local retail center is the Bay City Pointe, on FL 368 (locally known as 23rd St.), which is still under construction but partially open. Pier Park, on the beach across the Hathaway Bridge spanning St. Andrews Bay, is a third local retail center.
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.
This place was gorgeous... Nice rooms with awesome views of property & ocean from our balcony. The pool & hot tub were so nice & we walked over to their other back-beach buildings to look at that indoor pool...it was beautiful... dim lit at night and tons of gorgeous plants... We would even love staying there in the future for less money per night if money was tighter... Either location is great. The staff were all so nice & especially Krista at the front desk.. Her customer service went above & beyond and we were so thankful. We can’t wait to stay here again in the future ! Wonderful vacation.
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.
The earliest discovered artifacts of indigenous peoples in Panama include Paleo-Indian projectile points. Later central Panama was home to some of the first pottery-making in the Americas, for example the cultures at Monagrillo, which date back to 2500–1700 BC. These evolved into significant populations best known through their spectacular burials (dating to c. 500–900 AD) at the Monagrillo archaeological site, and their beautiful Gran Coclé style polychrome pottery. The monumental monolithic sculptures at the Barriles (Chiriqui) site are also important traces of these ancient isthmian cultures.
Asked about the paucity of American individuals in the documents, digital editor of Süddeutsche Zeitung, Stefan Plöchinger, said via Twitter: "Just wait for what is coming next." Plöchinger later clarified that he was just advocating not jumping to conclusions. Copies of at least 200 American passports – indicating that their owners applied for banking services – have been discovered in the Papers, but no US politicians have yet been named in the leak. The names of a few Americans are however mentioned:
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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).
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.
Also in 2005, Zacharias (Zacky) Nujoma, youngest son of Sam Nujoma, set up two holding companies, Avila Investments and Marbella Investments, and licensed them to buy and cut diamonds. Shortly afterwards 90% of the stock was transferred to Diamond Ocean. In 2006 Nujoma established Ancash Investments, which obtained seven exclusive uranium prospecting licenses. Palazzolo loaned the company US$10 million. Canadian mining company announced it would partner with Ancash in its uranium contracts and said it based its decision in part on Ancash's strong international support in Natural Earth International Ltd. of Hong Kong. Natural Earth is another Deutsche Investment company.
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.
Leaked documents show that daughters Leyla and Arzu Aliyeva both hold shares in Exaltation Limited, incorporated in April 2015 for "holding UK property". Child & Child, a London law firm that registered it and obtained nominee directors for it though the Jersey branch of Mossack, claimed in doing so that the women had no political connections.
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.
^ "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.
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. 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". 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.
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.