Former IMF president Rodrigo Rato, vice-president in the conservative government of prime minister José María Aznar, had more than €3.6 million in two offshore companies. He has been charged by Spain with alleged tax offenses, money laundering and corruption among individuals in other cases of corruption. Micaela Domecq-Solís, the wife of Miguel Arias Cañete, currently the European Commissioner for Climate Action and Energy and formerly the EU Minister of Agriculture, Food and Environment, also opened shell societies.
Private Eye revealed that Edward Troup, appointed executive chair of HMRC in April 2016, was a former partner with Simmons & Simmons, the London-based legal firm whose clients included the Panama-registered fund created by David Cameron's father, Blairmore Holdings. Papers obtained by the Süddeutsche Zeitung and ICIJ reveal Simmons & Simmons' close relationship with running offshore companies and major overseas property owners, including an investment company run on behalf of Sheikh Hamad bin Abdullah Al Thani, while Troup was its senior tax partner.
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.
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.
Newspaper Inkyfada had access to the documents and reported a dozen politicians, former government officials and lawyers had been implicated, as well as a leading media figure. Monday April 4, 2016 it reported that the former secretary-general of the Nidaa Tounes political party, Mohsen Marzouk, who was also the coordinator of the new political party, Machrouu Tounes, was on the point of creating his own account in December 2014, in the first presidential elections. Marzouk had written Mossack Fonseca about a company in the Virgin Islands, emphasizing a desire to hold funds and conduct business overseas. Marzouk denies this and has filed a defamation complaint.
Panama's old quarter (or Casco Viejo, Panama) features many architectural styles, from Spanish colonial buildings to French and Antillean townhouses built during the construction of the Panama Canal. The more modern areas of the city have many high-rise buildings, which together form a very dense skyline. There are more than 110 high-rise projects under construction, with 127 already built. The city holds the 45th place in the world by high-rise buildings count.
Additional stories were released based on this data, and the full list of companies was released in early May 2016. The ICIJ later announced the release on May 9, 2016 of a searchable database containing information on over 200,000 offshore entities implicated in the Panama Papers investigation and more than 100,000 additional companies implicated in the 2013 Offshore Leaks investigation. Mossack Fonseca asked the ICIJ not to publish the leaked documents from its database. "We have sent a cease and desist letter," the company said in a statement.
Being from Argentina, I was interested in this documentary because our President was one of the many figures in Western politics mentioned in this scandal. However, as in the other cases mentioned on the movie, the movie barely makes a passing mention of the case and doesn't bother to explain it in detail. Instead of explaining, step by step, how the process of setting up an offshore company works, exactly what each politician mentioned was involved in, and what the evidence against them was (which could have helped bring transparency into this important issue), the movie wastes time (more than an hour to be precise) talking about the journalists involved, how their investigation took place, and describing their collaborative international process in combing through the evidence, in what feels like a self-congratulatory exercise. While in itself interesting, I believe me and most of the audience were more interested in the actual contents of the Panama Papers itself and not on the journalistic process which made it happen. The documentary, in my opinion, gives an undue weight on this aspect of the story. The second part, on which the arrests made in Panama are described, is more interesting, but this extends for only 20 minutes, before we are back to the journalistic side of the story again.
Panama is a four-hour flight from Houston, eleven-and-a-half-hour flight from Paris, and a five-hour flight from Toronto making Panama easily accessible. Copa, Panama’s own airline flies to many of Caribbean destinations as well as flights to the United States. As Panama becomes more and more popular with travelers, Tocumen is adding new terminals and gates to allow airlines to establish new routes into the country.
The rainy season usually starts off in mid-May. At that point sporadic rain showers begin during the afternoon and evening hours. As the days pass the rain increases in duration, amounts, and evenings are full of wonderful thunderstorms and beautiful lightening. In the mountain areas flash flooding can suddenly occur during these months. During the rainy season day time temperatures are about 10 to 15 degrees cooler than the dry season but the humidity is much higher. The rainiest month is November but by mid-December the rain is completely gone in most of Panama on the Pacific side.
Central Bank of Cyprus officially declared: "With regard to press reports citing leaked documents, known as the Panama Papers, the Central Bank of Cyprus announces that it is assessing the information to the extent that it may concern the Cypriot banking system and taking, where necessary, appropriate action." A Cypriot online paper said "The Cyprus link stems from the fact that Fonseca runs an office in Cyprus and, more specifically, in Limassol. In a chart, the leaks name Cyprus as a tax haven (countries that offer little or no tax), although it has a corporate tax rate of 12.5%, the same as Ireland."
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.
The firm won’t discuss specific cases of alleged wrongdoing, citing client confidentiality. But it robustly defends its conduct. Mossack Fonseca says it complies with anti-money-laundering laws and carries out thorough due diligence on all its clients. It says it regrets any misuse of its services and tries actively to prevent it. The firm says it cannot be blamed for failings by intermediaries, who include banks, law firms and accountants.
Panama, country of Central America located on the Isthmus of Panama, the narrow bridge of land that connects North and South America. Embracing the isthmus and more than 1,600 islands off its Atlantic and Pacific coasts, the tropical nation is renowned as the site of the Panama Canal, which cuts through its midsection. It is equally well known for its natural beauty, for its diverse plant and animal life, including hundreds of bird and tree species, and for its vibrant music and culture.
Lucien Ebata, a Kinshasa businessman, runs Orion Group SA, registered in the Seychelles in 2009 by Mossack Fonseca through the Luxembourg-based Figed, according to the Panama Papers. Ebata, who receives a salary of a million dollars, does a business volume of around a billion, and counts both Shell and the Société nationale des pétroles du Congo (SNPC) among his customers.
^ "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.
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:
Eduardo Morgan of the Panamanian firm Morgan & Morgan accused the OECD of starting the scandal to avoid competition from Panama with the interests of other countries. The Panama Papers affect the image of Panama in an unfair manner and have come to light not as the result of an investigation, but of a hack, said Adolfo Linares, president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap).
When Ukrainian president Petro Poroshenko took office in 2014, a popular uprising had just toppled his predecessor, Viktor Yanukovych. Poroshenko pledged to sell his candy business (Roshen) if elected, but leaked documents indicate that on August 21, 2014 he instead had Mossack Fonseca set up offshore holding company Prime Asset Partners Ltd in the British Virgin Islands and moved his company there, roughly two months after the election. The move had the potential to save him millions of dollars on his Ukrainian taxes. Records in Cyprus show him as the firm's only shareholder. Some legal experts say the explanation may be sound; however this isn't making a difference to Ukrainian media making the point that Poroshenko opened his offshore account in August 2014 as Ukrainian soldiers were being massacred by the Russians in Ilovaisk. The Panama Papers report may also have figured in the defeat of a trade deal with the Netherlands in a referendum there on April 6.
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," against rebel fighters in the area. Steinmetz has since put $300 million into the project.
Jean-Claude N'Da Ametchi, an advisor to former president Laurent Gbagbo, who refused to accept that he lost an election in 2010, is also mentioned in the leaked documents. The European Union sanctioned banker N'Da Ametchi in 2011 for helping to finance the Gbagbo regime. His offshore company, Cadley House Ltd, was registered in the Seychelles with bearer bonds and a bank account in Morocco. N'Da Ametchi sent email in 2011 to the Geneva office of Mossack Fonseca, naming the Geneva bank Pasche financial managers of the company. In September 2012 he acted as sole director to request they transfer its registration to Abidjan. Neither Mossack Fonseca nor the banks mentioned the European sanctions; these were eventually lifted in 2012. The company was apparently still active in 2015, according to documents seen by Le Monde. He is currently an advisor to former prime minister Charles Konan Banny, who lost the October 2015 presidential election.
Currently, Panama City has buses known as Metrobuses, along with two Metro lines. Formerly, the system was dominated by colorfully painted diablos rojos; a few remain. A diablo rojo is usually customized or painted with bright colors, usually depicting famous actors, politicians or singers. Panama City's streets experience frequent traffic jams due to poor planning for now-extensive private vehicle ownership.
On the night of June 9, 1987, the Cruzada Civilista ("Civic Crusade") was created[where?] and began organizing actions of civil disobedience. The Crusade called for a general strike. In response, the military suspended constitutional rights and declared a state of emergency in the country. On July 10, the Civic Crusade called for a massive demonstration that was violently repressed by the "Dobermans", the military's special riot control unit. That day, later known as El Viernes Negro ("Black Friday"), left six hundred people injured and another six hundred detained, many of whom were later tortured and raped.
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.
Cameron criticized complex offshore structures in 2013, saying that it is "not fair and not right what some [companies] are doing by saying 'I've got lots of sales here in the UK but I'm going to pay a sort of royalty fee to another company that I own in another country that has some special tax dispensation.'" He said he would bring up the issue at the G8 summit that year. At the summit, Cameron demanded more transparency, arguing that it would be better for business. In 2014, Cameron asked all Overseas Territories and Crown dependencies to set up an open register of firms and individuals with investments registered in their jurisdictions, but by the time of the Panama Papers leak in April 2016, only Montserrat and Gibraltar had agreed to do so.
Consider booking one of the many hotels with family suites in the area in order to save money and having to book multiple separate rooms. The Casa Loma is a great choice that offers suites that sleep up to seven guests, with kitchens. Hampton Inn and Suites is across the road from Gulf World Marine Park and offers one room suites with pull out sofas for extra people.
As of the 2000 census, the city's median household income was $31,572, and the median income for a family was $40,890. Males had a median income of $30,401 versus $21,431 for females. The city's per capita income was $17,830. About 12.1% of families and 17.2% of the population were below the poverty line, including 24.5% of those under age 18 and 14.9% of those age 65 or over.
Spanish is the official and dominant language. The Spanish spoken in Panama is known as Panamanian Spanish. About 93 percent of the population speak Spanish as their first language. Many citizens who hold jobs at international levels, or at business corporations, speak both English and Spanish. Native languages, such as Ngäbere, are spoken throughout the country, mostly in their native territories. Over 400,000 Panamanians keep their native languages and customs. Some new statistics show that as second language, English is spoken by 10 percent, French by 4 percent and Arabic by 1 percent.
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.
Juan Armando Hinojosa Cantú, a close friend of former Mexican president Enrique Peña Nieto, enlisted Mossack Fonseca to create trusts for accounts worth US$100 million after he was investigated for allegedly giving special favours to the former Mexican president and his wife, according to an analysis by ICIJ, who said that the documents showed "a complex offshore network" of nine companies in New Zealand, the United Kingdom, and the Netherlands. Described as Peña Nieto's "favorite contractor", Hinojosa's companies have won more than eighty government contracts and received at least US$2.8 billion in state money, The New York Times reported last year.
Panama's tropical environment supports an abundance of plants. Forests dominate, interrupted in places by grasslands, scrub, and crops. Although nearly 40% of Panama is still wooded, deforestation is a continuing threat to the rain-drenched woodlands. Tree cover has been reduced by more than 50 percent since the 1940s. Subsistence farming, widely practised from the northeastern jungles to the southwestern grasslands, consists largely of corn, bean, and tuber plots. Mangrove swamps occur along parts of both coasts, with banana plantations occupying deltas near Costa Rica. In many places, a multi-canopied rain forest abuts the swamp on one side of the country and extends to the lower reaches of slopes on the other.
The Caribbean coastline is marked by several natural harbors. However, Cristóbal, at the Caribbean terminus of the canal, had the only important port facilities in the late 1980s. The numerous islands of the Archipiélago de Bocas del Toro, near the Beaches of Costa Rica, provide an extensive natural roadstead and shield the banana port of Almirante. The more than 350 San Blas Islands near Colombia, are strung out over more than 160 kilometres (99 miles) along the sheltered Caribbean coastline.
Due to its location on the Gulf Coast, the city is susceptible to tropical cyclones. In 2018, Panama City was directly hit by Hurricane Michael, which caused catastrophic damage to the city and surrounding communities, with winds of 160 mph (260 km/h) at landfall. The city previously suffered significant indirect impacts from Hurricane Ivan (2004) and Hurricane Opal (1995).
A central spine of mountain ranges extends almost the entire length of Panama, dividing the country into Atlantic- and Pacific-facing slopes. The two principal ranges, the Tabasará Mountains (Cordillera Central) in the west and the Cordillera de San Blas in the east, are separated near the centre of the country by a saddle of lower land. This depression (the Panama Canal site) divides the country again—roughly into western and eastern halves. Of the four quadrants thus formed, the southwestern has the largest number of settlements; however, the environs of the canal account for most of Panama’s population and commerce. The country’s highest peak is an inactive volcano, Barú (Chiriquí), which reaches an elevation of 11,401 feet (3,475 metres).
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'."
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.
A project to build a third set of locks for the Panama Canal A was overwhelmingly approved in a referendum (with low voter turnout, however) on October 22, 2006. The official estimated cost of the project is US$5.25 billion, but the canal is of major economic importance because it provides millions of dollars of toll revenue to the national economy and provides massive employment. Transfer of control of the Canal to the Panamanian government completed in 1999, after 85 years of US control.