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]

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.

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.
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.
While no standard official definition exists, The Economist and the International Monetary Fund describe an offshore financial center, or tax haven, as a jurisdiction whose banking infrastructure primarily provides services to people or businesses who do not live there, requires little or no disclosure of information when doing business, and offers low taxes.[32][33]
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
The Swedish Financial Supervisory Authority (FI) said on April 4, 2016, it would investigate the actions of Nordea, one of the largest financial institutions in the Nordic countries, after the Panama Papers revealed the bank's Luxembourg office had helped to set up nearly 400 offshore companies for its clients between 2004 and 2014 in Panama and the British Virgin Islands for their customers.[280][281]
Panama is bounded to the north by the Caribbean Sea (an extension of the Atlantic Ocean) and to the south by the Pacific Ocean. It has an elongated S shape, with its Caribbean coastline stretching some 800 miles (1,290 km) and the Pacific coast some 1,060 miles (1,700 km); however, a line drawn from the Costa Rican frontier in the west to the Colombian border in the east would extend only 480 miles (770 km). The shortest distance across the isthmus is about 30 miles (50 km), from the mouth of the Nergalá (Necategua) River, which flows into the Gulf of San Blas on the Caribbean shore, to the mouth of the Chepo River on the Pacific coast. Nearly as narrow is the portion of the isthmus traversed by the Panama Canal.

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]


On April 7, 2016, the Anti Corruption Commission Bangladesh launched an inquiry to obtain details of the businesses and individuals allegedly affiliated with Mossack Fonseca.[336] Allegations have been made against thirty-two Bangladeshi individuals and two corporations, however, media outlets staking this claim have referenced an old ICIJ database of information compiled during the investigation of the 2013 Offshore Leaks.[337]
Seabury seems to have been set up solely for doing business with DP World. It was started in 2008, a year after Senegal signed a contract with DP World for rights to the container terminal at the Autonomous Port of Dakar.[20] In April 2009 Wade became minister of international cooperation, of territorial development, air transport and infrastructure, which he remained until his father's defeat by Macky Sall in the 2012 election.[20] Regory Invest acted as a Seabury subcontractor, receiving €65,000 euros a month, according to the documents.[20]
Among others, the documents named close associates of President Vladimir V. Putin of Russia, the father of Prime Minister David Cameron of Britain and relatives of President Xi Jinping of China and members of the Chinese Communist Party Politburo Standing Committee. Articles published by news organizations in cooperation with the International Consortium of Investigative Journalists also named King Salman of Saudi Arabia; Sigmundur David Gunnlaugsson, who resigned as prime minister of Iceland after the revelations; President Mauricio Macri of Argentina; and the soccer star Lionel Messi, one of the world’s wealthiest athletes.
Initially, only select names of politicians, public officials, businessmen, and others involved were revealed. One of the immediate consequences of the revelations was the April 4, 2016, resignation of Iceland's Prime Minister Sigmundur David Gunnlaugsson. On May 9, all of the 214,488 offshore entities named in the Panama Papers became searchable via a database on the website of the International Consortium of Investigative Journalists (ICIJ). 
US authorities say that Steinmetz paid Mamadie Touré $5.3 million for her help in obtaining the concession from her husband Lansana Conté, president of Guinea, shortly before he died.[442] According to Global Witness, an offshore company belonging to Touré, Matinda, received a payment of $2.4 million from a company named Pentler Holdings. Several more payments were promised as well as 5% of BSGR shares in Simandou. Pentler owned 17.65% of BSGR Guinea.[458]
The International Consortium of Investigative Journalists helped organize the research and document review once Süddeutsche Zeitung realized the scale of the work required to validate the authenticity of 2.6 terabytes[52] of leaked data. They enlisted reporters and resources from The Guardian, the BBC, Le Monde, SonntagsZeitung, Falter, La Nación, German broadcasters NDR and WDR, and Austrian broadcaster ORF, and eventually many others.[53] Ultimately, "reporters at 100 news media outlets working in 25 languages had used the documents" to investigate individuals and organizations associated with Mossack Fonseca.[2]
The city is located in Panama District, although its metropolitan area also includes some populated areas on the opposite side of the Panama Canal. As in the rest of the country, the city is divided into corregimientos, in which there are many smaller boroughs. The old quarter, known as the Casco Viejo, is located in the corregimiento of San Felipe. San Felipe and twelve other corregimientos form the urban center of the city, including Santa Ana, El Chorrillo, Calidonia, Curundú, Ancón, Bella Vista, Bethania, San Francisco, Juan Diaz, Pueblo Nuevo, Parque Lefevre, and Río Abajo.
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]
In 2008–2009, the Beny Steinmetz Group Resources (BSGR) and its owner Beny Steinmetz paid just $165 million for the mining rights to the northern portion of Simandou mine, located in the Nzérékoré region of Guinea's interior. Soon after, he sold 51 percent of the rights to Vale for $2.5 billion. Rio Tinto, which had previously held the concession, had invested $450 million into infrastructure at the site.[458] Global Witness says BSGR in fact paid nothing for the rights, and the $165 million represents BSGR's self-reported investment in improvements at the site. It adds that either way BSGR's profit exceeded the national budget of Guinea.[459] 

Canadian prime minister Justin Trudeau has denied any involvement in the affair, saying he had "entirely and completely been transparent about mine and my family's finances. That is something I learned early on that Canadians expect from their leaders."[392] Canada Revenue Agency said in a statement that its current tax evasion audits include "some Canadian clients associated with law firm Mossack Fonseca,"[393] and added that it would "communicate" with its treaty partners to obtain any further information that may not currently be in its possession." The CRA has tax treaties with 92 different countries and 22 Tax Information Exchange Agreements.[392][393] The CRA has begun or completed 116 audits and 234 more are planned. These investigations are expected to recoup at least $11 million in taxes and fines. Fewer than 10 related criminal investigations are in progress. [394]
Additional stories were released based on this data, and the full list of companies was released in early May 2016.[64] 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.[65] 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.[66]
Spanish authorities had little control over much of the territory of Panama. Large sections managed to resist conquest and missionization until very late in the colonial era. Because of this, indigenous people of the area were often referred to as "indios de guerra" (war Indians) who resisted Spanish attempts to conquer them or missionize them. However, Panama was enormously important to Spain strategically because it was the easiest way to transship silver mined in Peru to Europe. Silver cargoes were landed at Panama and then taken overland to Portobello or Nombre de Dios on the Caribbean side of the isthmus for further shipment.
^ MOVIN: an independent political movement based in Panama, focused on influencing and monitoring the independence, efficiency and transparency of government institutions and their management. See "Civil Society | Policy Areas | ERCAS – European Research Centre for Anti-Corruption and State-Building". www.againstcorruption.eu. Archived from the original on November 10, 2016. 

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]

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]


Public education began in Panama soon after it seceded from Colombia in 1903. The first efforts were guided by an extremely paternalistic view of the goals of education, as evidenced in comments made in a 1913 meeting of the First Panamanian Educational Assembly, "The cultural heritage given to the child should be determined by the social position he will or should occupy. For this reason education should be different in accordance with the social class to which the student should be related." This elitist focus changed rapidly under US influence.[82]

On April 7, 2016, the Anti Corruption Commission Bangladesh launched an inquiry to obtain details of the businesses and individuals allegedly affiliated with Mossack Fonseca.[336] Allegations have been made against thirty-two Bangladeshi individuals and two corporations, however, media outlets staking this claim have referenced an old ICIJ database of information compiled during the investigation of the 2013 Offshore Leaks.[337]
The balboa replaced the Colombian peso in 1904 after Panama's independence. Balboa banknotes were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving them the name "The Seven Day Dollars". The notes were burned by the new government, but occasionally balboa notes can be found in collections. These were the only banknotes ever issued by Panama and US notes have circulated both before and since.[citation needed]
Featuring 27 miles of white sand beaches along the turquoise waters of the Gulf of Mexico, Panama City Beach is home to two State Parks, dozens of public beach access points, waterfront restaurants that serve up fresh local seafood, and legendary attractions.  The waters at Panama City Beach are famous with fishermen and scuba divers who enjoy the benefits of dozens artificial reefs located offshore, and with a coastline that angles slightly toward the west, in Panama City Beach you can watch the sunset over the Gulf of Mexico every day of the year.
Additional stories were released based on this data, and the full list of companies was released in early May 2016.[64] 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.[65] 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.[66]
The balboa replaced the Colombian peso in 1904 after Panama's independence. Balboa banknotes were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving them the name "The Seven Day Dollars". The notes were burned by the new government, but occasionally balboa notes can be found in collections. These were the only banknotes ever issued by Panama and US notes have circulated both before and since.[citation needed]

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.[380]
On April 7, 2016, the Anti Corruption Commission Bangladesh launched an inquiry to obtain details of the businesses and individuals allegedly affiliated with Mossack Fonseca.[336] Allegations have been made against thirty-two Bangladeshi individuals and two corporations, however, media outlets staking this claim have referenced an old ICIJ database of information compiled during the investigation of the 2013 Offshore Leaks.[337]

On April 8, President Varela denounced France's proposal to return Panama to a list of countries that did not cooperate with information exchange.[133] Minister of the Presidency Alvaro Alemán categorically denied that Panama is a tax haven, and said the country would not be a scapegoat.[134] Alemán said that talks with the French ambassador to Panama had begun.[134]

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.
Individuals and entities may open offshore accounts for any number of reasons, some of which are legal[23] but ethically questionable. A Canadian lawyer based in Dubai noted, for example, that businesses might wish to avoid falling under Islamic inheritance jurisprudence if an owner dies.[24] Businesses in some countries may wish to hold some of their funds in dollars also, said a Brazilian lawyer.[25] Estate planning is another example of legal tax avoidance.
Hamad bin Khalifa Al Thani, former Emir of Qatar,[1] is listed as owner of Afrodille S.A., which had a bank account in Luxembourg and shares in two South African companies. Al Thani also held a majority of the shares in Rienne S.A. and Yalis S.A., holding a term deposit with the Bank of China in Luxembourg. A relative owned 25% of these: Sheikh Hamad bin Jassim Al Thani, Qatar's former prime minister and foreign minister.[3]
According to Senegalese daily Libération, the money-laundering unit Tracfin became interested in 2006 in a €300,000 payment from Groupe Marck, a French company specializing in military uniforms and anti-riot gear, to a Monaco-based entity called Citp. Citp was managed by Kane, a close friend of the president's chief of staff, Maixent Accrombessi, himself held in Paris and interrogated in August 2015. French officials wanted to ask Accrombessi about a contract between Marck and the Gabonese Ministry of the Interior for €7 million. The head of Marck, Philippe Belin, was also held and questioned. The investigation was assigned to Roger Le Loire [fr], who also conducted the so-called "ill-gotten goods" investigation, which targeted a number of African leaders including the father and predecessor of Ali Bongo Ondimba, the current president of Gabon.[31]
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.[30][334]
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]
As of the census of 2010, there were 36,484 people, 14,819 households, and 9,039 families residing in the city. The population density was 1,246.0/per square mile . There were 17,438 housing units at an average density of 530.7 per square mile (204.9/km2). The racial makeup of the city was 71.6% White, 22.0% African American, 0.5% Native American, 1.6% Asian, 0.1 Native Hawaiian and 2.9% from two or more races. Hispanic or Latino of any race were 5.1% of the population.

Prime Minister John Key responded May 7 to John Doe's remark that he had been "curiously quiet" about tax evasion in the Cook Islands by saying that the whistleblower was confused and probably European. While the Cook Islands use New Zealand currency, "I have as much responsibility for tax in the Cook Islands as I do for taxing Russia." New Zealand does represent the Cook Islands on defence and foreign policy, but not taxation, he said.[495]
In 1981 Torrijos died in a plane crash.[29] Torrijos' death altered the tone of Panama's political evolution. Despite the 1983 constitutional amendments which proscribed a political role for the military, the Panama Defense Force (PDF), as they were then known, continued to dominate Panamanian political life. By this time, General Manuel Antonio Noriega was firmly in control of both the PDF and the civilian government.[when?]
Panama has a tropical climate. Temperatures are uniformly high—as is the relative humidity—and there is little seasonal variation. Diurnal ranges are low; on a typical dry-season day in the capital city, the early morning minimum may be 24 °C (75.2 °F) and the afternoon maximum 30 °C (86.0 °F). The temperature seldom exceeds 32 °C (89.6 °F) for more than a short time. Temperatures on the Pacific side of the isthmus are somewhat lower than on the Caribbean, and breezes tend to rise after dusk in most parts of the country. Temperatures are markedly cooler in the higher parts of the mountain ranges, and frosts occur in the Cordillera de Talamanca in western Panama.
Former Deputy Chief Justice Kalpana Rawal was a director or shareholder in four holding companies and was active in two after she took office. Her husband owns another seven. The companies were used for real estate transactions in Britain. Rawal and her husband were shareholders and directors of Highworth Management Services, where Ajay Shah, a former director of Trust Bank, was also a shareholder and director. The Central Bank of Kenya ordered Shah's assets auctioned to repay depositors after Trust Bank collapsed, but he went into hiding and the assets have not been recovered.[461]
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.[27]

The development in this once unincorporated part of Northwest Florida had previous names such as Floriopolis, Park Resort, and Harrison.[7] In 1906, the development was named Panama City and it was first incorporated as Panama City in 1909. When Panama City was incorporated in 1909, its original city limits were 15th Street (Hwy 98) on the north, Balboa Avenue on the west and Bay Avenue on the east. According to the Panama City Public Library's A History of Panama City,[8] George Mortimer West hoped to spur real estate development in Bay County during a period of intense popular interest in the construction of the Panama Canal by changing the town's name from Harrison to Panama City, because a straight line between Chicago and the capital of the Central American country of Panama intersected the Florida town. Additionally, since required meanders around land formations in a seaborne route to the canal added distance when starting at other ports, Panama City was the closest developed port in the US mainland to the Caribbean entrance of the Panama Canal.
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.

Former Deputy Chief Justice Kalpana Rawal was a director or shareholder in four holding companies and was active in two after she took office. Her husband owns another seven. The companies were used for real estate transactions in Britain. Rawal and her husband were shareholders and directors of Highworth Management Services, where Ajay Shah, a former director of Trust Bank, was also a shareholder and director. The Central Bank of Kenya ordered Shah's assets auctioned to repay depositors after Trust Bank collapsed, but he went into hiding and the assets have not been recovered.[461]
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.
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.
The PRD's Martin Torrijos won the presidency and a legislative majority in the National Assembly in 2004. Torrijos ran his campaign on a platform of, among other pledges, a "zero tolerance" for corruption, a problem endemic to the Moscoso and Perez Balladares administrations.[citation needed] After taking office, Torrijos passed a number of laws which made the government more transparent. He formed a National Anti-Corruption Council whose members represented the highest levels of government and civil society, labor organizations, and religious leadership. In addition, many of his closest Cabinet ministers were non-political technocrats known for their support for the Torrijos government's anti-corruption aims. Despite the Torrijos administration's public stance on corruption, many high-profile cases,[clarification needed] particularly involving political or business elites, were never acted upon.
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