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.[300][390][391] 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.[391]


Following the May publication of this report, the National Assembly passed a law making it illegal to report company ownership[331] and another giving former presidents and first ladies lifelong legal immunity.[332] Khadija Ismayilova, the Radio Free Europe reporter on the 2012 investigation was subjected to escalating legal and public harassment. She was threatened and eventually arrested. She is currently serving a 7.5 year sentence for tax evasion and abuse of power.[333]
The US influence in Panama can be seen in the country's sports. Baseball is Panama's national sport and the country has regional teams and a national team that represents it in international events. At least 140 Panamanian players have played professional baseball in the United States, more than any other Central American country.[89] Notable players include Bruce Chen, Rod Carew, Mariano Rivera, Carlos Lee, Manny Sanguillén, and Carlos Ruiz.
Getting to Panama City Beach is a cinch, thanks to its proximity to Northwest Florida Beaches International Airport (ECP). The airport is only 20 minutes by car from the shimmering white sands that make Panama City Beach such a hotspot on the Gulf of Mexico. Here, you can catch sight of dolphins, go scuba diving amid shipwrecks, and explore the dunes and forests of St Andrews State Park.
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."[420] 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".[421]
Investigations by ICIJ's sole East Asian partner CommonWealth Magazine in Taiwan found that at least 2,725 offshore companies had registered addresses in Taiwan. Ninety Taiwanese, including the singer and actor Nicky Wu, were included in the papers.[387] According to a report released by CommonWealth Magazine, Wu used the firm Horizon Sky Technology, Ltd. to co-operate with Hong Kong-based Sun Entertainment Culture Limited (zh).[388]

Paralleling the principal mountain chains, a lower mountain arc extends along Panama’s southern coast. It appears only in well-separated segments—for example, on Azuero Peninsula as the Canajagua Massif and in eastern Panama as the Sierra de Jungurudó, Sapo Mountains, and the Majé Mountains. The highlands and mountains are made up primarily of igneous (volcanic) rocks.
The journalists on the investigative team found business transactions by many important figures in world politics, sports and art. While many of the transactions were legal, since the data is incomplete, questions remain in many other cases; still others seem to clearly indicate ethical if not legal impropriety. Some disclosures – tax avoidance in very poor countries by very wealthy entities and individuals for example – lead to questions on moral grounds. According to The Namibian for instance, a shell company registered to Beny Steinmetz, Octea, owes more than $700,000 US in property taxes to the city of Koidu in Sierra Leone, and is $150 million in the red, even though its exports were more than twice that in an average month in the 2012–2015 period. Steinmetz himself has personal worth of $6 billion.[18]
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.[498]
Paralleling the principal mountain chains, a lower mountain arc extends along Panama’s southern coast. It appears only in well-separated segments—for example, on Azuero Peninsula as the Canajagua Massif and in eastern Panama as the Sierra de Jungurudó, Sapo Mountains, and the Majé Mountains. The highlands and mountains are made up primarily of igneous (volcanic) rocks.
The city has both public and private schools. Most of the private schools are at least bilingual. Higher education is headed by the two major public universities: the University of Panama and the Technological University of Panama. There are private universities, such as the Universidad Católica Santa María La Antigua, the Universidad Latina de Panama, the Universidad Latinoamericana de Ciencia y Tecnología (ULACIT), the Distance and Open University of Panama (UNADP), Universidad del Istmo Panama, the Universidad Maritima Internacional de Panama, and the Universidad Especializada de las Americas. Also, there are Panama Branches of the Nova Southeastern University (its main campus is in Ft. Lauderdale in Broward County, Florida); the University of Oklahoma; the Central Texas University; the University of Louisville which runs a sister campus in the city,[36] and the Florida State University, which operates a broad curriculum program[37] in an academic and technological park known as Ciudad del Saber.

The Panama Papers show Major-General of Justice and head of Armenia's Compulsory Enforcement Service Mihran Poghosyan was connected to three Panama-registered companies: Sigtem Real Estates Inc., Hopkinten Trading Inc., and Bangio Invest S.A., which issued bearer shares only. Poghosyan, who has a degree in economics, was the sole owner of Sigtem and Hopkinten,[168][169] which together owned Best Realty Ltd, recently awarded government contracts.[168]
Gerard Ryle, director of the International Consortium of Investigative Journalists, called the leak "probably the biggest blow the offshore world has ever taken because of the extent of the documents".[76] Edward Snowden described the release in a Twitter message as the "biggest leak in the history of data journalism".[77] The ICIJ also said that the leak was "likely to be one of the most explosive [leaks of inside information in history] in the nature of its revelations".[78]
Panama City (Spanish: Ciudad de Panamá; pronounced [sjuˈða(ð) ðe panaˈma]), also simply known as Panama, is the capital and largest city of Panama.[3][4] It has an urban population of 880,691,[1] with over 1.5 million in its metropolitan area. The city is located at the Pacific entrance of the Panama Canal, in the province of Panama. The city is the political and administrative center of the country, as well as a hub for banking and commerce.[5]
New York's Department of Financial Services has asked 13 foreign banks, including Deutsche Bank AG, Credit Suisse Group AG, Commerzbank AG, ABN Amro Group NV and Societe Generale SA, for information about their dealings with Mossack Fonseca. The banks are not accused of wrongdoing but must provide telephone logs and records of other transactions between their New York branches and the law firm.[427]
Isabel Saint Malo de Alvarado, Vice President of Panama, said in an op-ed piece published April 21 in The Guardian that President Juan Carlos Varela and his administration have strengthened Panama's controls over money-laundering in the twenty months they have been in power, and that "Panama is setting up an independent commission, co-chaired by the Nobel laureate Joseph Stiglitz, to evaluate our financial system, determine best practices, and recommend measures to strengthen global financial and legal transparency. We expect its findings within the next six months, and will share the results with the international community."[131]

The leak also revealed an extensive conflict of interest between a member of the FIFA Ethics Committee and former FIFA vice president Eugenio Figueredo.[501] Swiss police searched the offices of UEFA, European football's governing body, after the naming of former secretary-general Gianni Infantino as president of FIFA. He had signed a television deal while he was at UEFA with a company called Cross Trading, which the FBI has since accused of bribery. The contract emerged among the leaked documents. Infantino has denied wrongdoing.[503]


Computer security expert Chris Kubecka announced May 24, 2016 that the Mossack Fonseca client login portal was running four different government grade remote access trojans (RATs). Kubecka confirmed there were still numerous critical vulnerabilities, too many open ports into their infrastructure and internet access to their archive server due to weak security.[74] Kubecka explained how each data security issue was discovered in detail in a full-length book titled Down the Rabbit Hole: An OSINT Journey.[75]
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.[209] In 2006 Nujoma established Ancash Investments, which obtained seven exclusive uranium prospecting licenses.[209] Palazzolo loaned the company US$10 million.[209] 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.[209] Natural Earth is another Deutsche Investment company.[209]
Getting to Panama City Beach is a cinch, thanks to its proximity to Northwest Florida Beaches International Airport (ECP). The airport is only 20 minutes by car from the shimmering white sands that make Panama City Beach such a hotspot on the Gulf of Mexico. Here, you can catch sight of dolphins, go scuba diving amid shipwrecks, and explore the dunes and forests of St Andrews State Park.

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.[481]
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."[372] 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.[373]

According to Ouestaf the documents make it clear that while Crei investigators were interested in the funds in Pouye's Monaco account, they did not know that their source was an offshore account he created himself.[20] The two contracts prove that there was in fact a relationship between the defendants and DP World. Investigator Papa Alboury Ndao told the court in February[when?] that he had discovered two payments of $13 million each from a subsidiary of DP World FZE to a Singapore bank account belonging to Karim Wade. However the bank in Singapore refused to cooperate and Ndao was forced to drop that line of inquiry.[20]


No matter what kind of Panama City Beach vacation you're dreaming about, we've got you covered. Panama City Beach, named the top 3 beach in the United States by TripAdvisor, has 27-miles of beautiful beaches to choose from and you'll find a different experience at each stop along the way. Explore as much of PCB as you can. If you love long walks along the beach, you won't find a better beach for it!
An investigation by ICIJ partner The Namibian found that the imprisoned mafioso Vito Roberto Palazzolo shielded his finances from Italian, Namibian and South African authorities with shell companies in the British Virgin Islands set up by a German banker in Hong Kong, Wolf-Peter Berthold, which they also used to transfer control of Palazzolo's assets to his son.[209]
King Salman is mentioned in the leaks in relation to two companies based in the British Virgin Islands—Verse Development Corporation, incorporated in 1999, and Inrow Corporation, incorporated in 2002. The companies took out mortgages totaling over US$34 million and purchased properties in central London.[376] His role in the companies was not specified. BVI company Crassus Limited, incorporated in 2004, registered a yacht in London, named Erga after King Salman's palace in Riyadh. The vessel boasts a banquet hall and can comfortably sleep 30.[292] King Salman is described in the documents as its "principal user".[377]
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.[263] 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.[264]

In 1671, the privateer Henry Morgan, licensed by the English government, sacked and burned the city of Panama – the second most important city in the Spanish New World at the time. In 1717 the viceroyalty of New Granada (northern South America) was created in response to other Europeans trying to take Spanish territory in the Caribbean region. The Isthmus of Panama was placed under its jurisdiction. However, the remoteness of New Granada's capital, Santa Fe de Bogotá (the modern capital of Colombia) proved a greater obstacle than the Spanish crown anticipated as the authority of New Granada was contested by the seniority, closer proximity, and previous ties to the viceroyalty of Lima and even by Panama's own initiative. This uneasy relationship between Panama and Bogotá would persist for centuries.
The publisher concludes that: "Taiwanese companies and individuals are believed to be extensively using offshore shelters to avoid or evade taxes ... after scouring the Panama Papers documents that Mossack Fonseca has not been one of their main conduits. This time, it appears that big Taiwanese banks, law firms and accounting firms did not often use the services of Mossack Fonseca, which does not have a presence in Taiwan. The forty-six Taiwanese brokers that did work with Mossack Fonseca were relatively small-scale consulting firms operating in Greater China. Most of the Taiwanese entities that set up shell companies through the Panamanian law firm were small, unlisted companies or individuals."[389]

Petroleum Minister José Maria Botelho de Vasconcelos had power of attorney for an offshore company in 2002, when he became petroleum minister after previously being employed for a number of years as an executive at Sonangol,[439] according to the leaked documents. He denies wrongdoing.[441] ICIJ partner Le Monde says it has seen documents that show he was the proxyholder for Medea Investments Limited, founded in Niue in 2001, and moved to Samoa five years later. The company, which issued only bearer bonds, had a capitalization of $1 million, and closed in 2009.[439] He has never previously been accused of corruption.[442]


Panamá is located between the Pacific Ocean and tropical rain forest in the northern part of Panama. The Parque Natural Metropolitano (Metropolitan Nature Park), stretching from Panama City along the Panama Canal, has unique bird species and other animals, such as tapir, puma, and caimans. At the Pacific entrance of the canal is the Centro de Exhibiciones Marinas (Marine Exhibitions Center), a research center for those interested in tropical marine life and ecology, managed by the Smithsonian Tropical Research Institute.
According to Ouestaf the documents make it clear that while Crei investigators were interested in the funds in Pouye's Monaco account, they did not know that their source was an offshore account he created himself.[20] The two contracts prove that there was in fact a relationship between the defendants and DP World. Investigator Papa Alboury Ndao told the court in February[when?] that he had discovered two payments of $13 million each from a subsidiary of DP World FZE to a Singapore bank account belonging to Karim Wade. However the bank in Singapore refused to cooperate and Ndao was forced to drop that line of inquiry.[20]
Other non-traditional sports in the country have had great importance such as the triathlon that has captured the attention of many athletes nationwide and the country has hosted international competitions. Flag football has also been growing in popularity in both men and women and with international participation in world of this discipline being among the best teams in the world, the sport was introduced by Americans residing in the Canal Zone for veterans and retirees who even had a festival called the Turkey Ball. Other popular sports are American football, rugby, hockey, softball and other amateur sports including skateboarding, BMX and surfing, because the many beaches of Panama such as Santa Catalina and Venao that have hosted events the likes of ISA World Surfing Games.
The Ministry of Finance and Monetary Authority of Singapore said in a statement that "Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm action."[381]
Of Panama’s many short rivers, those that flow to the Caribbean include the Sixaola, Changuinola, Indio, Cricamola, La Miel, and Chagres. Rivers flowing to the Pacific include the Chiriquí Viejo, Santa María, Chepo, Chucunaque, and Tuira. During the rainy season the Tuira is navigable for some 40 miles (60 km) and the Chepo for 20 miles (30 km). Water in the Panama Canal does not flow from coast to coast; rather, it is released from the rain-fed Gatún and Alajuela (Madden) lakes in the central highlands. In effect, the water flows to both coasts simultaneously via the canal’s system of locks and dams. For details on the engineering and operation of the waterway, see Panama Canal.
In March 2005, Dan Gertler International formed a new company, Global Enterprises Corporate (GEC), with Global Resources, owned by Beny Steinmetz. A former DRC mines minister, Simon Tuma-Waku, was "special adviser". The company formed a joint copper and cobalt mining venture with DRC agency La Générale Des Carriers et Des Mines (Gécamines), which held 25%, and GEC 75%, which they placed into an Isle of Man holding company, Nikanor plc. The IPO raised £400 million in London and the company eventually reached a market capitalization of $1.5 billion for an initial investment of $3 million.[450]

The Panama Papers exposed a link between an American oil company's oil concessions and several powerful politicians in Angola.[440] According to the leaked documents approximately fifteen shell companies funneled money through UBS bank accounts to elites in Portugal with direct ties to Helder Bataglia dos Santos of Escom, which describes itself as one of the largest investors in Angola and the Democratic Republic of Congo.[440] The account of one company, Markwell Inc, received and sent on over $12 million in 2008 and 2009.[440]
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.

On June 6, 1987, the recently retired Colonel Roberto Díaz Herrera, resentful that Noriega had broken the agreed-upon "Torrijos Plan" of succession that would have made him the chief of the military after Noriega, decided to denounce the regime. He revealed details of electoral fraud[clarification needed], accused Noriega of planning Torrijos's death and declared that Torrijos had received 12 million dollars from the Shah of Iran for giving the exiled Iranian leader asylum. He also accused Noriega of the assassination by decapitation of then-opposition leader, Dr. Hugo Spadafora.[27][citation needed]


The ICIJ investigation of Mossack Fonseca was reported to the Public Ministry. Samid Dan Sandoval, former candidate for mayor of Santiago de Veraguas (2014), filed the legal action against the journalists and all those who had participated. He said the project name damaged the integrity, dignity and sovereignty of the country and that the consortium would have to assume legal responsibility for all damage caused to the Panamanian nation.[151]
Alaa Mubarak, son of former president Hosni Mubarak, was cited as owning, through holding companies, real estate properties in London.[192] The assets of his Virgin Islands-registered firm Pan World Investments were frozen in response to a European Union order when his father stepped down in 2011 during the Arab Spring. Mossack Fonseca was fined $37,500 in 2013 for lack of due diligence. Alaa and his brother were convicted last year of embezzling state funds and still face trial for insider trading.[452]
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.
Back in the 1940s, Coronado was just a few sleepy ranches alongside an unspoiled stretch of blue Pacific and black-and-white speckled beaches. However, Coronado is now a highly popular beach town on the Pacific coast of Panama. Located an hour from Panama City, it is on the ‘Arco Seco’ (‘dry arch’) stretch of coastline, so Read more...: Coronado, Panama
On June 6, 1987, the recently retired Colonel Roberto Díaz Herrera, resentful that Noriega had broken the agreed-upon "Torrijos Plan" of succession that would have made him the chief of the military after Noriega, decided to denounce the regime. He revealed details of electoral fraud[clarification needed], accused Noriega of planning Torrijos's death and declared that Torrijos had received 12 million dollars from the Shah of Iran for giving the exiled Iranian leader asylum. He also accused Noriega of the assassination by decapitation of then-opposition leader, Dr. Hugo Spadafora.[27][citation needed]
Top bankers and Spanish businessmen used this firm to open accounts and companies: Miguel Blesa, president of Caja Madrid, tried in Spanish courts for numerous cases of corruption, Jesus Barderas, a businessman close to ex-prime minister Felipe González, children of the lawyer Javier de la Rosa, who also is linked to corruption cases, Carlos Ortega, CEO of Pepe Jeans, and families with major hotel chains such as the Riu (RIU Hotels & Resorts), the Escarrer (Meliá Hotels International) and the Martinón (Group Martinón).[266][267][268]
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]
Charles "Trip" Tucker III, (short for "Triple", since he is the third generation of his family to be named Charles Tucker), played by Connor Trinneer, is a fictional character in the television series Star Trek: Enterprise. According to Star Trek lore, "Trip" was born and lived in Panama City. Tucker had a sister who was killed by the Xindi along with 7 million other Humans in the year 2153.
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.[269][289] 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.[269]
The leak also revealed an extensive conflict of interest between a member of the FIFA Ethics Committee and former FIFA vice president Eugenio Figueredo.[501] Swiss police searched the offices of UEFA, European football's governing body, after the naming of former secretary-general Gianni Infantino as president of FIFA. He had signed a television deal while he was at UEFA with a company called Cross Trading, which the FBI has since accused of bribery. The contract emerged among the leaked documents. Infantino has denied wrongdoing.[503]

As the United Kingdom still exercises varying degrees of control over British Overseas Territories and Crown dependencies which make up a large number of the many tax havens and "secrecy jurisdictions" that exist, pressure mounted on Prime Minister David Cameron to make changes.[306][307] According to The Wall Street Journal, the Panama Papers "are shining a light on the constellation of offshore centers in the last remnants of the British Empire, from Gibraltar to the British Virgin Islands (BVI)."[306] Of the companies created by Mossack Fonseca which were included in the leaked data, the BVI companies topped the list, with 113,000 of the nearly 215,000 companies that Mossack Fonseca managed or incorporated there. British Overseas Territory Anguilla was 7th on the list.[308]
The group of documents was referred to as the "Panama Papers" because of the country that they were leaked from. However, the government of Panama has registered strong objections to the name, as it appears to put some blame or negative association on the country itself, despite its lack of involvement in the actions of Mossack Fonseca. Nonetheless, the nickname has persisted, although some media outlets that have covered the story have referred to as the "Mossack Fonseca Papers."
On May 12, 2016, the names of former Prime Minister of Australia Malcolm Turnbull, and former Premier of New South Wales Neville Wran, were both found in the Panama Papers, due to the pair's former directorship of the Mossack Fonseca-incorporated company Star Technology Systems Limited. Turnbull and Wran resigned from these positions in 1995, and the Prime Minister has denied any impropriety, stating "had [Star Technology] made any profits—which it did not regrettably—it certainly would have paid tax in Australia."[490]

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
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