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.
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. 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.
Panama City is a city and the county seat of Bay County, Florida, United States. Located along U.S. Route 98, it is the largest city between Tallahassee, Florida and Pensacola, Florida. It is the larger (population-wise) of two principal cities of the Panama City-Lynn Haven, Florida Metropolitan Statistical Area. As of the 2010 census, the city population was 36,484. 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.
In theory American and European buyers of gold in Africa are required to review their supply chain and report any use of conflict resources, such as gold from eastern Congo. In practice the requirement is widely ignored, and an investigation by African Network of Centers for Investigative Reporting (ANCIR) found examples in the leaked Mossack Fonseca documents of anonymous shell companies doing the sourcing. For a start, most of the DRC gold winds up in Dubai by way of Uganda. Dubai's $75 billion gold industry is regulated with a very light hand by the quasi-private Dubai Multi Commodities Centre (DMCC).
The government of Rwanda uses an offshore company to lease a private jet for its senior politicians. Leaked documents show that Brigadier-General Emmanuel Ndahiro, using a London address, become a director of a British Virgin Islands company, Debden Investments Ltd. in 1998, owner of a jet aircraft. Ndahiro, a close advisor of president Paul Kagame, was then spokesman for Kagame's military. According to the Panama Papers the owner of the company was Hatari Sekoko, who ran a number of real estate and hotel ventures such as the Marriott in Kigali.
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).
Real estate in London, where housing prices increased 50% from 2007 to 2016, also is frequently purchased by overseas investors. Donald Toon, head of Britain's National Crime Agency, said in 2015 that "the London property market has been skewed by laundered money. Prices are being artificially driven up by overseas criminals who want to sequester their assets here in the UK". Three quarters of Londoners under 35 cannot afford to buy a home.
As the economic and financial center of the country, Panama City's economy is service-based, heavily weighted toward banking, commerce, and tourism. The economy depends significantly on trade and shipping activities associated with the Panama Canal and port facilities located in Balboa. Panama's status as a convergence zone for capital from around the world due to the canal helped the city establish itself as a prime location for offshore banking and tax planning. Consequently, the economy has relied on accountants and lawyers who help global corporations navigate the regulatory landscape. The city has benefited from significant economic growth in recent years, mainly due to the ongoing expansion of the Panama Canal, an increase in real estate investment, and a relatively stable banking sector. There are around eighty banks in the city, at least fifteen of which are local.
The Royal Bank of Canada (RBC) denied any wrongdoing associated with the 370+ clients it had referred to Mossack Fonseca over the years."We have an extensive due diligence process... RBC works within the legal and regulatory framework of every country in which we operate," said a bank spokesman. CEO David McKay said the bank will review the four decades of documentation for any problems. CEO Bill Downe of the Bank of Montreal said "Canadian banks have 'dramatically' beefed up anti-money laundering control over the last seven to 10 years," and added that any link between Canadian businesses and the Panama Papers companies would have originated a long time ago, before Canadian banks took action to stop money laundering.
China's government is suppressing mention of the Panama Papers on social media and in search engines results, and reportedly told news organizations to delete all content related to the Panama Papers leak. Chinese authorities consider the material a concerted foreign media attack on China, and ordered Internet information offices to delete reports reprinted from the Panama Papers, and with no exceptions not to follow up on related content. Hong Lei, spokesman for China's foreign ministry, responded that he had "no comment" for "such groundless accusations" at an April 5 news conference.
Austria's financial market authority has announced that they will audit two Austrian banks that were mentioned in the Panama Papers – Raiffeisenbank International (RBI) and Hypo Vorarlberg [de]. It will be specifically examining whether the banks have complied with their obligation to prevent money laundering. Hypo Vorarlberg subsequently announced that while they have complied with all laws in the past, they are planning to retreat completely from the offshore sector.
Mossack Fonseca documents provide new insight and confirmation for a previously-litigated tax case where an offshore company transferred its registration to avoid paying capital gains tax in Uganda. The documents show that Heritage Oil and Gas Limited (HOGL) knew in advance of a capital gains tax that Uganda planned to enact. HOGL was then operating in Uganda and planned to sell half its Ugandan assets. It "urgently" moved its registration from the Bahamas to Mauritius to avoid the tax. Mauritius has a double taxation agreement with Uganda, meaning that HOGL would pay tax in only one of the two countries. But Mauritius does not have a capital gains tax, so by moving there Heritage reduced its capital gains tax to zero. Emails clearly show that this was the reason for the transfer, although company attorneys deny it.
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.
Bollywood celebrities Amitabh Bachchan, his daughter-in-law and actress Aishwarya Rai Bachchan and actor Ajay Devgan are listed in the papers. Bachchan has denied any connection to overseas companies, and a spokesman for Rai also questioned the documents' authenticity. Bachchan repeated the denial in response to an August 21 report that he was listed as a director of two companies and participated in board meetings.
^ Jump up to: a b Michael Daly (April 5, 2016). "Polynesian 'Rock' That Made Millions From Panama Papers' Crooks: How Niue, a coral outcropping with just 1,190 residents, rolled out the welcome mat for Mossack Fonseca, the law firm at the center of the massive records leak—and made a tidy profit". Daily Beast. Archived from the original on May 2, 2016. Retrieved April 26, 2016.
Prime Minister Sigmundur Davíð Gunnlaugsson, elected after the 2008 banking collapse in Iceland, had pledged to clean up corruption in the banking system. But when Sigmundur Davíð took his seat he did not disclose his 50% interest of Wintris, a company that owned bonds of one of the bankrupt banks, nor divest himself of it, until the day before a new law took effect on January 1, 2010 that would have required him to declare this conflict of interest. He sold his share to his wife, who owns the other half. The couple both come from wealthy families. When they bought Wintris he was working as a journalist and she is an anthropologist. Until his failure to disclose the asset, he apparently broke no laws. But the country remembers the 2008 financial crisis all too well and thought it had put it in the past. Since Sigmundur Davíð negotiated on behalf of Iceland with creditors of failed Icelandic banks, the discovery that Sigmundur Davíð's wife is a bondholder caused so much outrage that 22,000–24,000 people attended an anti-government protest outside the parliament on April 4, 2016, almost 8% of the population. Sigmundur Davíð suggested a snap election, but the other members of the coalition government did not want elections, just his resignation. On April 5, 2016, Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson announced his resignation.
Data security experts noted, however, that the company had not been encrypting its emails and furthermore seemed to have been running a three-year-old version of Drupal with several known vulnerabilities. According to James Sanders of TechRepublic, Drupal ran on the Apache 2.2.15 version from March 6, 2010, and worse, the Oracle fork of Apache, which by default allows users to view directory structure.
A screenshot showed that authorities had forced all websites to delete content about the Panama Papers. Foreign websites such as WikiLeaks and China Digital Times are blocked from mainland China. On Sina Weibo, a Twitter-like social media website, censors deleted content about the Panama Paper. However, the name of Xi's brother-in-law got through, and Weibo users tried to circumvent them with less obvious language such as "brother-in-law", "Canal Papers" (for the Panama Canal), and so on. Despite the censorship, Weibo search ranking was topped by phrases seemingly related to the Panama Papers, such as "tax evasion", "document", "leak" and "Putin".
Because of incomplete Spanish control, the Panama route was vulnerable to attack from pirates (mostly Dutch and English), and from "new world" Africans called cimarrons who had freed themselves from enslavement and lived in communes or palenques around the Camino Real in Panama's Interior, and on some of the islands off Panama's Pacific coast. One such famous community amounted to a small kingdom under Bayano, which emerged in the 1552 to 1558. Sir Francis Drake's famous raids on Panama in 1572–73 and John Oxenham's crossing to the Pacific Ocean were aided by Panama cimarrons, and Spanish authorities were only able to bring them under control by making an alliance with them that guaranteed their freedom in exchange for military support in 1582.
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. 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.
The earliest discovered artifacts of indigenous peoples in Panama include Paleo-Indian projectile points. Later central Panama was home to some of the first pottery-making in the Americas, for example the cultures at Monagrillo, which date back to 2500–1700 BC. These evolved into significant populations best known through their spectacular burials (dating to c. 500–900 AD) at the Monagrillo archaeological site, and their beautiful Gran Coclé style polychrome pottery. The monumental monolithic sculptures at the Barriles (Chiriqui) site are also important traces of these ancient isthmian cultures.
Mr. Cameron, whose father was a client of the Panamanian law firm, initially said he had not benefited from any “offshore funds,” only to confirm later that he and his wife had profited when they sold shares in an offshore trust for 30,000 pounds ($42,160) in 2010, the year he became prime minister. (The dividends they earned were declared and taxed, Mr. Cameron said.)
Varuzhan Hotkanian, head of the Armenian branch of the anti-corruption watchdog Transparency International, said that perhaps Poghosian was forced to resign by the country's leadership, since the evidence pointed directly to him. But, he said, he still questions the government's commitment to fighting corruption. Leading opposition figure Levon Zourabian demanded answers on the matter from the floor of Parliament.
Initially, mainstream Russian media almost entirely ignored the leak. Neither state-owned Channel 1 and Rossiya 1, nor privately owned REN-TV and NTV, mentioned the story on April 4, the day the story broke. The minimal coverage of the story ran in the middle of the night on Vesti TV and was in relation to Lionel Messi and Michel Platini. An exception was the Russian opposition newspaper Novaya Gazeta, described as "the ICIJ's Russian partner", which reported on the story both in hard copy and online.
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. 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.
Anti-corruption group Transparency International believes that the "creation of businesses while serving as president is a direct violation of the constitution". Also, journalists from the Organized Crime and Corruption Reporting Project believe that with the move Poroshenko committed two other illegalities, starting a new business while in office and failing afterwards to report it on his disclosure statements. Poroshenko denied any wrongdoing and a spokesman said the offshore company had no active assets and was a legitimate corporate restructure aimed at helping to sell Poroshenko's Roshen group. Analysts in Ukraine responded that the secretive way Poroshenko set up these accounts was certain to undermine trust in him, his party and Ukraine itself.