The Mossack Fonseca files show Khashoggi appeared as early as 1978, when he became president of the Panamanian company ISIS Overseas S.A. The documents reveal that Fonseca's clients included Sheikh Kamal Adham, Saudi Arabia's first intelligence chief (1963–79), brother-in-law of King Faisal, who was named by a US Senate committee as the CIA's “principal liaison for the entire the Middle East from the mid-1960s through 1979”. Adham controlled offshore companies involved in the B.C.C.I. banking scandal.
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.
You don't have to make it all the way to the Darién to get off the beaten path – though if you do, you've hit one of the most biodiverse spots on the planet. Go where the wild things are. Soak in the spray of towering waterfalls near highland Santa Fé. Visit one of Panama's seven indigenous groups through community tourism. Live out your castaway fantasies in the Guna Yala or idle on a wilderness beach in Península de Azuero. Howl back at the creatures sharing the canopy. Panama is as wild as you want it to be.
Since the early 20th century, Panama has with the revenues from the canal built the largest Regional Financial Center (IFC) in Central America, with consolidated assets being more than three times that of Panama's GDP. The banking sector employs more than 24,000 people directly. Financial intermediation contributed 9.3 percent of GDP. Stability has been a key strength of Panama's financial sector, which has benefited from the country's favorable economic and business climate. Banking institutions report sound growth and solid financial earnings. The banking supervisory regime is largely compliant with the Basel Core Principles for Effective Banking Supervision. As a regional financial center, Panama exports some banking services, mainly to Latin America, and plays an important role in the country's economy. However, Panama still cannot compare to the position held by Hong Kong or Singapore as financial centers in Asia.
Samina Durrani, mother of Shebaz Sharif's second wife, and Ilyas Mehraj, brother of his first, also figure in the documents. Habib Waqas Group/Ilyas Mehraj is listed as a shareholder with 127,735 shares in Haylandale Limited, registered July 24, 2003 in the Bahamas. Mehraj has denied knowing anything about "any company whether incorporated in the Commonwealth of Bahamas or anywhere else under the name: Haylandale Ltd." Rainbow Limited, the newest of the three offshore companies owned by Samina Durrani, was registered September 29, 2010 in the British Virgin Islands (BVI). Armani River Limited, registered in the Bahamas on May 16, 2002, describes its assets as "property in London, which is not currently rented." Assets of Star Precision Limited, registered in BVI May 21, 1997, were reported as "cash as the investment portfolio. We are also holding 1,165,238 shares in Orix Leasing Pakistan Limited."
President Barack Obama addressed the overseas shell companies listed by the leak in a press conference: "It's not that they're breaking the laws," he said, "it's that the laws are so poorly designed that they allow people, if they've got enough lawyers and enough accountants, to wiggle out of responsibilities that ordinary citizens are having to abide by." Although no leader in the US was mentioned in the Panama Papers, Obama said that "Frankly, folks in America are taking advantage of the same stuff".
Ouestaf, an ICIJ partner in the investigation, reported that it had discovered new evidence that Karim Wade received payments from DP World (DP). He and a long-time friend were convicted of this in a trial that the United Nations and Amnesty International said was unfair and violated the defendants' rights. The Ouestaf article does not address the conduct of the trial, but does say that Ouestaf journalists found Mossack Fonseca documents showing payments to Wade via a DP subsidiary and a shell company registered to the friend.
ICIJ, The Guardian and The Independent have reported that UAE President Khalifa bin Zayed Al Nahyan owns London real estate worth more than £1.2 billion through a structure of some thirty shell companies Mossack Fonseca set up for him in the British Virgin Islands and administer for him, using them to manage and control the luxury properties in London. By December 2015, Mossack Fonseca held nearly all of the shares in those companies in trust structures on his behalf, with the President and his wife, son and daughter the trust beneficiaries.
Arias Madrid was declared the winner of elections that were marked by violence and accusations of fraud against Alianza del Pueblo. On October 1, 1968, Arias Madrid took office as president of Panama, promising to lead a government of "national union" that would end the reigning corruption and pave the way for a new Panama. A week and a half later, on October 11, 1968, the National Guard (Guardia Nacional) ousted Arias and initiated the downward spiral that would culminate with the United States' invasion in 1989. Arias, who had promised to respect the hierarchy of the National Guard, broke the pact and started a large restructuring of the Guard. To preserve the Guard's interests, Lieutenant Colonel Omar Torrijos Herrera and Major Boris Martínez commanded the first military coup against a civilian government in Panamanian republican history.
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.
In 2010, it was estimated that 94.1 percent of the population was literate (94.7 percent of males and 93.5 percent of females). Education in Panama is compulsory for the children between 6 and 18. In recent decades, school enrollment at all levels, but especially at upper levels, has increased significantly. Panama used to participate in the PISA exams but due to debts and unsatisfactory exam results is postponing participation until 2018.
Panama (/ˈpænəmɑː/ (listen) PAN-ə-mah, /pænəˈmɑː/ pan-ə-MAH; Spanish: Panamá IPA: [panaˈma] (listen)), officially the Republic of Panama (Spanish: República de Panamá), is a country in Central America, bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and the Pacific Ocean to the south. The capital and largest city is Panama City, whose metropolitan area is home to nearly half the country's 4 million people.
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.
According to reporting by the African Network of Centers for Investigative Reporting (ANCIR), the company produces 60–90% of Sierra Leone's diamond exports, and in some months between 2012 and 2015 exported more than US$330 million in rough diamonds. Octea owes US$150 million in unpaid loans. Although government records show taxes paid by other diamond companies, none are listed for Octea.
Over £10 million of cash from the sale of the gold stolen in the 1983 Brink's-Mat robbery was laundered, first unwittingly and later with the complicity of Mossack Fonseca, through a Panamanian company, Feberion Inc. The company was set up on behalf of an unnamed client twelve months after the robbery. The Brinks money was put through Feberion and other front companies, through banks in Switzerland, Liechtenstein, Jersey, and the Isle of Man. It issued bearer shares only. Two nominee directors from Sark were appointed to Feberion by Jersey-based offshore specialist Centre Services. The offshore firms recycled the funds through land and property transactions in the United Kingdom. Although the Metropolitan Police Service raided the offices of Centre Services in late 1986 in cooperation with Jersey authorities, and seized papers and two Feberion bearer shares, it wasn't until 1995 that Brink's-Mat's solicitors were finally able to take control of Feberion and the assets.
The military dictatorship, at that time[when?] supported by the United States, perpetrated the assassination and torture of more than one hundred Panamanians and forced at least a hundred more dissidents into exile. (see Zárate 15). Noriega also began playing a double role in Central America under the supervision of the CIA. While the Contadora group conducted diplomatic efforts to achieve peace in the region, Noriega supplied Nicaraguan Contras and other guerrillas in the region with weapons and ammunition.
Since the end of the 20th century, association football has become more popular in Panama. The top tier of domestic Panamanian football, Liga Panameña de Fútbol, was founded in 1988. The national team appeared at the FIFA World Cup for the first time in 2018, appearing in group G, facing Belgium, England and Tunisia. However, the team lost all three games, failing to advance past the group stage. Notable players for the national team include Luis Ernesto Tapia, Rommel Fernández, the Dely Valdés Brothers: Armando, Julio and Jorge; and more recent players as Jaime Penedo, Felipe Baloy, Luis Tejada, Blas Pérez, Román Torres and Harold Cummings.