Mossack Fonseca approached Niue in 1996 and offered to help set up a tax haven on the tiny South Sea island. The law firm drafted the necessary legislation, permitting offshore companies to operate in total secrecy. They took care of all the paperwork, the island got a modest fee for each filing, and it seemed like quite a deal, even if they were required by law now to provide all banking paperwork in Russian and Chinese as well as English.[497]
The Pacific coastline is extended by the Azuero Peninsula and the Gulf of Panama and by numerous headlands and bays, whereas the largest embayment on the Caribbean side is Chiriquí Lagoon. The Pacific coastline is more indented and irregular, and its continental shelf is much wider than that on the Atlantic side. In addition, most of the republic’s more than 1,600 islands lie off its Pacific coast; they include the Perlas Archipelago (Pearl Islands) and the islands of Taboga, Cébaco, Parida, Jicarón, and Coiba, the largest. The principal archipelagoes off the Caribbean coast are those of Bocas del Toro and San Blas.

In 2018, investigative media Bivol.bg accessed the Panama Papers under an agreement with the International Consortium of Investigative Journalists.[175] Later, they published a story about the offshore company Viafot which is attempting to acquire a key asset of Bulgaria's defense industry: the arms producer Dunarit.[176] The Panama Papers show that Viafot is owned by Alexander Angelov who is the lawyer of media mogul Delyan Peevski. Other Bulgarian media had reported how all state institutions help Viafot acquire Dunarit through illegitimate means.[177][178] However, no inquiry was opened by Bulgaria's General Prosecutor Sotir Tsatsarov.
The US on the other hand refused to sign on to the Common Reporting Standard set up by the Organisation for Economic Co-operation and Development, alongside Vanuatu and Bahrain.[414] This means the US receives tax and asset information for American assets and income abroad, but does not share information about what happens in the United States with other countries, which in other words means that the United States has become attractive as a tax haven.
The anti-corruption taskforce of the Olusegun Obasanjo government, the Economic and Financial Crimes Commission, questioned at the time whether the Yar'Adua administration has refrained or was loath to pursue members of the Nigerian elite suspected of corruption, including leading financiers of the ruling party, or those like Ibori who supported had their election.
Initial reports identified five then-heads of state or government leaders from Argentina, Iceland, Saudi Arabia, Ukraine, and the United Arab Emirates as well as government officials, close relatives, and close associates of various heads of government of more than forty other countries. Names of then-current national leaders in the documents include President Khalifa bin Zayed Al Nahyan of the United Arab Emirates, Petro Poroshenko of Ukraine, King Salman of Saudi Arabia, and the Prime Minister of Iceland, Sigmundur Davíð Gunnlaugsson.[82]
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.
Former French budget minister Jérôme Cahuzac, who spearheaded a crackdown on tax fraud while in office, was a client of Mossack Fonseca and through them owned a Seychelles company named Cerman Group Limited, incorporated in 2009. When France investigated 2013 allegations by Mediapart that in 2000 Cahuzac had held undeclared assets in an account first in Switzerland, then Singapore, he resigned his cabinet post, protesting his innocence,[185] but admitted a few months later that he indeed had hidden €600,000 in a UBS account and then moved it to keep it hidden, "while continuing to lead France's clampdown on tax evasion".[186] The French Socialist Party unanimously voted to expel him a week later.[187] On the heels of the April 2013 "Cahuzac affair", President Hollande created the parquet national financier (PNF), a judiciary investigation unit specializing in large-scale fraud and corruption investigations.[188]
He said the firm was the victim of a hack and that he had no responsibility for what clients did with the offshore companies that they purchased from Mossack Fonseca, which were legal under Panamanian law.[128] Later that day, the Independent Movement (MOVIN)[note 1] called for calm, and expressed hope that the Panamanian justice system would not allow the culprits to go with impunity.[128]
According to the ICIJ, Aliyev's daughter Arzu not only has financial stakes not only in gold rights but also in Azerfon, the country's largest mobile phone business. She has shares in SW Holding, which "controls nearly every operation related to Azerbaijan Airlines" (Azal), from meals to airport taxis. Both sisters and their brother Heydar own property in Dubai valued at roughly $75 million in 2010; Heydar is the legal owner of nine luxury mansions in Dubai purchased for some $44 million.[334]
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


Located at the tip of the Azuero Peninsula, Pedasi is a quaint unassuming beach town with a pristine downtown area. The expat community numbers several hundred within the total population of just under 5,000. This expat community is growing as visitors have discovered this treasured jewel. Not much further down the two-lane road is Playa Venao, one of Panama’s best surfing beaches.
Coronado is a vibrant community located just one hour from Panama City, and many Panamanians have second homes here on the beach. Of the 5,000 plus population there is a large group of expats which are a mix of Canadians, Americans, and Europeans. Built in 1941, this beach community is trendy with shops, restaurants, activities, and resorts. On weekends it is a favorite getaway spot for Panama City residents to spend time at the beach.
Mossack Fonseca approached Niue in 1996 and offered to help set up a tax haven on the tiny South Sea island. The law firm drafted the necessary legislation, permitting offshore companies to operate in total secrecy. They took care of all the paperwork, the island got a modest fee for each filing, and it seemed like quite a deal, even if they were required by law now to provide all banking paperwork in Russian and Chinese as well as English.[497]
Casa Loma is located in Panama City Beach and features a Gulf-front outdoor pool and free WiFi access. Pier Park, offering shopping and dining, is 7 minutes' drive away. Just a short walk to the beach but if you didn't want to go to the beach there was a very nice pool to swim in. House keeping was great and so were the staff. There was no problem with parking.
The city of Panama is still a banking center, although with very visible controls in the flow of cash. Shipping is handled through port facilities in the area of Balboa operated by the Hutchison Whampoa Company of Hong Kong and through several ports on the Caribbean side of the isthmus. Balboa, which is located within the greater Panama metropolitan area, was formerly part of the Panama Canal Zone, and the administration of the former Panama Canal Zone was headquartered there.
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".[364] 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.[364]
Casco Antiguo displays a mix of architectural styles that reflect the country's cultural diversity: Caribbean, Republican, art deco, French, and colonial architecture mix in a site comprising around 800 buildings. Most of Panama City's main monuments are located in Casco Antiguo, including the Salón Bolivar, the National Theater (founded in 1908), Las Bóvedas, and Plaza de Francia. There are also many Catholic buildings, such as the Metropolitan Cathedral, the La Merced Church, and the St. Philip Neri Church. The distinctive golden altar at St. Joseph Church was one of the few items saved from Panama Viejo during the 1671 pirate siege. It was buried in mud during the siege and then secretly transported to its present location.
The Panama Papers linked a minister in the government of Prime Minister Joseph Muscat, Konrad Mizzi, and the prime minister's chief of staff, Keith Schembri, to shell companies in Panama. Furthermore, Mizzi's wife, Sai Mizzi Liang, who is Malta's trade envoy to China and Consul General for Malta in Shanghai, China, was also named as beneficiary, together with their children, of a trust based in New Zealand holding Mizzi's Panama shell company.

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'."[102]
Irene Marcos Araneta,[98][99][100] youngest daughter of the late former President of the Philippines, Ferdinand Marcos and former First Lady, Imelda Romualdez Marcos, youngest sister of Maria Imelda "Imee" Marcos Manotoc, Governor of Ilocos Norte and Ferdinand "Bongbong" Marcos Jr, Senator, Philippine House of Representatives from Ilocos Norte[101]
Panama's international airport, Tocumen International Airport is located on the eastern outskirts of the city's metropolitan area. Two other airports serve Panama City: Panamá Pacífico, previously the Howard Air Force Base, and Marcos A. Gelabert, previously the Albrook Air Force Base. Pacífico serves VivaColombia and Wingo, while Marcos A. Gelabert Airport is the main hub for AirPanama. All other flights are served by Tocumen.
ItineraryThis is a typical itinerary for this productStop At: Panama Canal, Panama City, Panama ProvinceCross half of the Panama CanalDuration: 6 hoursStop At: La Playita de Amador Resort & MarinaCheck in pointDuration: 15 minutesStop At: Miraflores LocksCross the 2 level locksDuration: 20 minutesStop At: Pedro Miguel LocksCross the 1 level lockDuration: 20 minutesStop At: Gatun Lake ConstructionGet to the beggining of Gatun LakeDuration: 10 minutes
Khulubuse Zuma, nephew of South African President Jacob Zuma, has links in the documents to an offshore company with oil interests in the Democratic Republic of the Congo. He has denied any wrongdoing.[441] According to leaked documents President Zuma also has ties to an oil mining deal between a British Virgin Islands-based oil company, Caprikat Limited, and Joseph Kabila, President of the Democratic Republic of Congo (DRC), and helped Caprikat obtain oil fields in the DRC then sent his nephew to the DRC to run the firm.[442]
What is there not to like about PCB? Every condo/hotel that I have stayed in has been amazing! All with a beach view I might add. My favorite places to eat are the All American Diner and breakfast, lunch, or dinner! They have good food and nice friendly staff every single time. And my other favorite is Sharky's Beachfront Restaurant! SHEESH! The food and the drinks are delicious and reasonably priced for a tourist town and the portions are huge! Panama City Beach is my favorite place to visit!
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."[369] 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.
Panama's international airport, Tocumen International Airport is located on the eastern outskirts of the city's metropolitan area. Two other airports serve Panama City: Panamá Pacífico, previously the Howard Air Force Base, and Marcos A. Gelabert, previously the Albrook Air Force Base. Pacífico serves VivaColombia and Wingo, while Marcos A. Gelabert Airport is the main hub for AirPanama. All other flights are served by Tocumen.

Showbiz personality Carmen Lomana said that after the death of her husband, owner of the offshore company, she took care of it but without knowing anything at all about the business or about tax. Bertín Osborne, host and Spanish singer, and the famous actor Imanol Arias, protagonist of one of the longest and most important series of the Spanish television, Cuéntame cómo pasó, were named. Osborne said his account was legal and that he used it as recommended, to save money. He is also involved in a scandal over fraud to the Treasury, with actress and fellow protagonist on the series, Ana Duato. Juan Luis Cebrián, journalist, co-founder of El País, and CEO of Prisa, a Spanish media conglomerate, owns 2% of Star Petroleum, a related oil corporation with tax havens. After being named, he decided to take legal action against La Sexta, who revealed his involvement in this scandal.[271][272][273][274][275][276]
The city proper has approximately 880,691 inhabitants in 23 boroughs.[25] 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.[26] 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.[18]
The family of Azerbaijan President Ilham Aliyev leads a well-off life thanks in part to financial interests in various sectors of the nation's economy. His wife ascendants are privileged and powerful family that owns banks, insurance and construction companies, a television station and a line of cosmetics. She is well known for her pre-eminent charity work that has led to the construction of schools, hospitals and the country's major sports complex.[335]
Octea's subsidiary, Koidu Holdings, obtained the mine for $28 million, which was supposed to be a deposit, in 2002. Fighting had stopped in Sierra Leone, and the mine had previously been held and worked by South African firm Branch Energy, in payment for the services of its parent company, Executive Outcomes, "effectively...a military battalion for hire,"[474] against rebel fighters in the area. Steinmetz has since put $300 million into the project.[475]
Rodrigo de Bastidas sailed westward from Venezuela in 1501 in search of gold, and became the first European to explore the isthmus of Panama. A year later, Christopher Columbus visited the isthmus, and established a short-lived settlement in the Darien. Vasco Núñez de Balboa's tortuous trek from the Atlantic to the Pacific in 1513 demonstrated that the isthmus was indeed the path between the seas, and Panama quickly became the crossroads and marketplace of Spain's empire in the New World. Gold and silver were brought by ship from South America, hauled across the isthmus, and loaded aboard ships for Spain. The route became known as the Camino Real, or Royal Road, although it was more commonly known as Camino de Cruces (Road of Crosses) because of the number of gravesites along the way.

Former French budget minister Jérôme Cahuzac, who spearheaded a crackdown on tax fraud while in office, was a client of Mossack Fonseca and through them owned a Seychelles company named Cerman Group Limited, incorporated in 2009. When France investigated 2013 allegations by Mediapart that in 2000 Cahuzac had held undeclared assets in an account first in Switzerland, then Singapore, he resigned his cabinet post, protesting his innocence,[185] but admitted a few months later that he indeed had hidden €600,000 in a UBS account and then moved it to keep it hidden, "while continuing to lead France's clampdown on tax evasion".[186] The French Socialist Party unanimously voted to expel him a week later.[187] On the heels of the April 2013 "Cahuzac affair", President Hollande created the parquet national financier (PNF), a judiciary investigation unit specializing in large-scale fraud and corruption investigations.[188]


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:[51]
He said the firm was the victim of a hack and that he had no responsibility for what clients did with the offshore companies that they purchased from Mossack Fonseca, which were legal under Panamanian law.[128] Later that day, the Independent Movement (MOVIN)[note 1] called for calm, and expressed hope that the Panamanian justice system would not allow the culprits to go with impunity.[128]
Emrith, described as a low-level UNC party official, had a second Mossack Fonseca company, Pendrey Associates. Speaking in Parliament, Attorney General Faris Al-Rawi said the leaked documents tied this offshore company to key players in the Petrobras scandal in Brazil, including the convicted Joao Procopio [pt], and Jose Luiz Pires of Queluz, who had dealings with Swiss PKB Privatbank [de] AG. Pires is under investigation, he said.[411]
Panama was inhabited by indigenous tribes before Spanish colonists arrived in the 16th century. It broke away from Spain in 1821 and joined the Republic of Gran Colombia, a union of Nueva Granada, Ecuador, and Venezuela. After Gran Colombia dissolved in 1831, Panama and Nueva Granada eventually became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the construction of the Panama Canal to be completed by the US Army Corps of Engineers between 1904 and 1914. The 1977 Torrijos–Carter Treaties led to the transfer of the Canal from the United States to Panama on December 31, 1999.[9]
The Christmas parade, known as El desfile de Navidad, is celebrated in the capital, Panama City. This holiday is celebrated on December 25. The floats in the parade are decorated in the Panamanian colors, and women wear dresses called pollera and men dress in traditional montuno. In addition, the marching band in the parade, consisting of drummers, keeps crowds entertained. In the city, a big Christmas tree is lit with Christmas lights, and everybody surrounds the tree and sings Christmas carols.[86]
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]

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 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]
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.[18] 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.[19] However, hotel occupancy rates have dropped since 2009, probably due to the opening of many new luxury hotels.[20] Several international hotel chains, such as Le Méridien, Radisson, and RIU, have opened or plan to open new hotels in the city,[21] 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,[22] 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.[23] Hilton Worldwide opened a Hilton Garden Inn in El Cangrejo, and in 2013, The Panamera, the second Waldorf Astoria Hotel in Latin America.[24]
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