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Posts posted by Penny
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Here's the English language article from Newsroom Panama this morning:
New money laundering exposure rocks Panama
Posted on April 3, 2016 in Panama
THE PANAMA law firm whose co-founder, Ramon Fonseca, was, until recently, a top advisor to President Juan Carlos Varela has been exposed to another scandal leading from Panama to Russian President Vladimir Putin and multiple corrupt leaders.
The story was headlined around the world on Sunday, April 3 and follows on Panama’s alleged links to the Brazilian “Car wash” bribery scandal via the Odebrecht construction company funneling bribes to Swiss banks.
It comes at a time when Panama is trying to erase its image as a tax haven and money laundering center, and the revelations have been described as the biggest ever blow to the offshore world.
The BBC reports: A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.
Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca.
They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax.
The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.
The documents show links to 72 current or former heads of state in the data, including dictators accused of looting their own countries.
Gerard Ryle, director of the International Consortium of Investigative Journalists.(ICIJ), said the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.
“I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents,” he said.
- Eleven million documents held by the Panama-based law firm Mossack Fonseca have been passed to German newspaper Suddeutsche Zeitung, which then shared them with the ICIJ.
- BBC Panorama is among 107 media organisations in 78 countries which have been analysing the documents. The BBC doesn’t know the identity of the source
- Watch Panorama at 19:30 on BBC One on Monday, April4
The data contains secret offshore companies linked to the families and associates of Egypt’s former president Hosni Mubarak, Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad.
It also reveals a suspected billion-dollar money laundering ring that was run by a Russian bank and involved close associates of President Putin.
The operation was run by Bank Rossiya, which is subject to US and EU sanctionsfollowing Russia’s annexation of Crimea.
The documents reveal for the first time how the bank operates.
ments has revealed how the rich and powerful use tax havens to hide their wealth.
Money has been channeled through offshore companies, two of which were officially owned by one of the Russian president’s closest friends.
Concert cellist Sergei Roldugin has known Vladimir Putin since they were teenagers and is godfather to the president’s daughter Maria.
On paper, Mr Roldugin has personally made hundreds of millions of dollars in profits from suspicious deals.
But documents from Mr Roldugin’s companies state that: “The company is a corporate screen established principally to protect the identity and confidentiality of the ultimate beneficial owner of the company.”
Mossack Fonseca data also shows how Icelandic Prime Minister Sigmundur Gunnlaugsson had an undeclared interest in his country’s bailed-out banks.
Mr Gunnlaugsson has been accused of hiding millions of dollars of investments in his country’s banks behind a secretive offshore company.
Leaked documents show that Sigmundur Gunnlaugsson and his wife bought offshore company Wintris in 2007.
He did not declare an interest in the company when entering parliament in 2009. He sold his 50% of Wintris to his wife for $1 (70p), eight months later.
Mr Gunnlaugsson is now facing calls for his resignation. He says he has not broken any rules, and his wife did not benefit financially from his decisions.
The offshore company was used to invest millions of dollars of inherited money, according to a document signed by Mr Gunnlaugsson’s wife Anna Sigurlaug Pálsdóttir in 2015.
In addition, Mossack Fonseca supplied a front man who pretended to own $1.8m, so the real owner could get the cash from the bank without revealing his identity.
Mossack Fonseca says it has always complied with international protocols to ensure the companies they incorporate are not used for tax evasion, money-laundering, terrorist finance or other illicit purposes.
The company says it conducts thorough due diligence and regrets any misuse of its services.
“For 40 years Mossack Fonseca has operated beyond reproach in our home country and in other jurisdictions where we have operations. Our firm has never been accused or charged in connection with criminal wrongdoing.
“If we detect suspicious activity or misconduct, we are quick to report it to the authorities. Similarly, when authorities approach us with evidence of possible misconduct, we always cooperate fully with them.”
Mossack Fonseca says offshore companies are available worldwide and are used for a variety of legitimate purposes.
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For those who still do not know . . . Every Tuesday in front of the doors to the theater there is a box for mail going to the U.S. or Canada. We have always found somebody going who is willing to stick some stamped envelopes in the first U.S. mail box they encounter. We also have U.S. stamps for sale for $1 each (yes, we know we are making a profit).
We advise that your letter will go from the U.S. mail box to Canada if you apply two U.S. stamps.
About the IRS . . . since I always owe them money, I'm only interested in the date stamp on the envelope so I usually take it to the Panama post office. What do I care if they don't receive it and cash my check for two months or more???
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Rainy season delayed until June (from Newsroom Panama)
Posted on March 29, 2016 in Panama
Post Views: 170PANAMA can expect the first rains of 2016 in May with some sporadic downpours greening some of the parched land, but the rainy season proper will not arrive until June.
The report from the Climatology Department of the the Electric Transmission Company, S.A. (Etesa).
Climatology director , Pilar Lopez said that despite the first downpours, of La Niña and the official rainy season will not be officially declared until some time in June.
Meanwhile because of the effects of El Niño, about 300,000 gallons of potable water are distributed daily by tankers in 40 communities, facing a severe crisis in the province of Los Santos.
In addition, the National Civil Protection System (Sinaproc) has 51 storage tanks in the various sectors facing drought problems.
Residents of Guarareíto and La Limona require the construction of underground wells after months without water.
Benedict De Frias Mitre, a resident of the area, said the Guararé river, where they once went to fetch water, has dried and they now receive water from tankers one day a week and schools are without water.
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Red flag for vacation package buyers (from Newsroom Panama)
Posted on March 29, 2016 in Panama, Panama
Be sure to read the contract before buying the package.Post Views: 173PANAMA’S Consumer Protection Authority (Acadeco) has issued a warning to purchasers of vacation packages.
Administrator Garcia Cardoze says that they get 78 complaints a year of which some 10 percent become criminal investigations and recommends that consumers should be aware of potential problems when they are purchasing such plans.
She said that it is essential to carefully read the contract and not to give credit card information without checking the history of the company.
Most of the complaints revolve around free vacations that are actually high-pressure sales pitches to invest in time shares or other real estate deals.
Another precaution recommended by the authority is that consumers should verify the actual existence of companies that promote these packages
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Newsroom Panama reports that soon it will be illegal for restaurant owners to include the "propina" in the bill:
Compulsory tipping coming to end
Posted on March 29, 2016 in Panama
Post Views: 154THE DAYS when dissatisfied customers are faced with a built in service tip are fast nearing their end in Panama as the National Assembly has approved on third reading a bill that prevents restaurants and hotels suggesting or including tips or gratuities to staff.
The bill will soon be on its way to President, Juan Carlos Varela for promulgation and those restaurant owners who have used all or part of the tips to reduce their overheads will be out of luck.
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The public is always invited to the BCP's monthly meeting which is usually held at 2PM on the first Friday of the month. If you have suggestions, complaints, or are just curious about the inner workings, come and visit the meeting. The current board really wishes to make the BCP a true community events center and not just a theater.
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A friend and I went to Nacional Box yesterday to rent a box for her. They are currently having some special pricing. You can get a small box for $200/year. We got a medium one for $300/year. Having this box for her valuables will give her invaluable peace of mind. Diana, the manager was helpful and spoke perfect English. She told us her Mom taught her how to speak English. Her Mom had lived for 25 years in Kansas.
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A paper thin bowel is indeed hard to describe (and probably hard to live with).
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Given up on the illusion that learning another language can be achieved in 3 months by osmosis in the presence of native speakers? Wanting to tackle the issue with more effort but still short on time?
Offering on a limited basis, individual, one-day tutoring workshops custom-designed for your specific needs. Scheduled on Wednesdays from 9a-5p with 2 hr lunch break. Location is private home in Alto Dorado area. Tutor has advanced Spanish speaking skills and university degree in Spanish as a Second Language. Also certified as overseas ESL instructor.
Personal diagnostic / planning session prior to workshop included in cost. $50 per workshop, paid in advance. $60 per workshop paid on day of classes.
For more information contact me directly.
720-4272
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While I'm no longer a Rotary member I do know where this park is.
It's the soccer field visible behind the Downtown Suites (formerly Kalima Suites). It has all of the painted rocks around the outside.
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I agree with everything Bonnie says about Phil McGuigan and his Amigos de Boquete organization. Only one minor correction . . . the medical group in Bocas is not the world famous doctors without borders (real name is medicos sin fronteras). This group is something like "Floating Doctors". They live and operate out of a large ship docked in Bocas.
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I've been here since 2003 and there never was an establishment like in the picture posted by David VH.
I've seen many, many restaurants and coffee houses come and go.
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I was told that Michelle was one of the principals in this business. Being a good businesswoman she will run it well. As I said before, they will soon need to start advertising to the gringo population. The special coupon sent out by Gustazos is a good start but there's lot of folks who didn't want that much wine or beer included in their dinner coupon.
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Do you mean for your water system?
Grupo Agua de Chiriqui on the main road has a wide variety.
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Some of the BCP board members met the cast and crew of the Shakespeare production last night. They were really wanting to see our little theater here at the BCP and were quite impressed with the set up.
I think there will be a touring production coming to Boquete in the future and it will be presented at the BCP.
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There's a guy with an insurance office in Plaza Los Establos who used to be the only English speaking agent in town. His service was awful. Now we have two wonderful, responsible agents serving the English speaking population. Gloria Detresno who lives in David but spends weekends in her historic family house in Boquete and Magda Crespo who has an office upstairs in Plaza San Francisco. I'm quite sure Pantah didn't have either one of them as his agent.
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We have asked Hospice to step in for a cancelled Tuesday Talk on April 17.
Last time they did their presentation at the BCP Tuesday Talks there was standing room only.
This coming Tuesday we have Don Joffe talking about how to get straight with the IRS. Death and Taxes --- we cover them all. Soon we will have the guy who owns the new crematorium in David and then the circle will be complete.
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Ja, Ja. Coals to Newcastle and all that.
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Thank you Dan. I actually found a VGA - USB cable in FAI Americana on the Old McDonald's road in David. However, it cost $48 and I know I can find it cheaper in the U.S.
About the 2nd item, I now find I need a USB cable with male on each end and I have that.
I'll contact you on your email about borrowing the computer. Thank you so much!!!!!
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The BCP needs your help again for our Tuesday Talks. We have an older projector that connects to a laptop computer via a VGA port. The newer laptops only have USB ports and no VGA ports. The laptop we usually borrow to run the power point presentations died yesterday (cracked motherboard). We have a new projector on order that can connect via USB cable to the newer laptops but it probably won't arrive until too late for Lourdes Miranda's talk next Tuesday. I need these things:
1. Borrow an older laptop with a VGA connector and power point software. The VGA port looks like this:
2. Buy, borrow or steal a USB (male) to USB (female) connecting cord.
3. Beg, borrow, or steal a VGA to USB cable.
Thanks much for any help the community can give us.
Penny
PS--Trivia point -- our next speaker Lourdes Miranda has a very famous brother named Joey Montana (stage name).
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We all had the hamburgers (huge) but my friends had previously had the trucha a la aji (garlic trout) and proclaimed it wonderful. They had quite an extensive menu all the way from steaks to sandwiches. Cheapest was a two-cheese grilled sandwich with french fries for $6.
We were the only gringos in the restaurant. They should take a lesson from the Moon Valley doughnut people and learn to advertise to the gringo community. Unless you know the restaurant is there, you won't find it. There are wonderful photos of Boquete early in the 20th century on the walls and on the placemats.
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Better to have a safe deposit box than a home safe. You will open the safe when a gun is at your head. And your cleaning woman will know if you have a safe.
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This is a place known mostly to Panamanians. It's actually on a road that runs parallel to the main road. It's more a food window than a restaurant.
Tuesday Talks -- A Month in Bali
in "News.Boquete" Archives
Posted
The description of the Month in Bali talk should have said the Reynolds spent time with rescued Sumatran ELEPHANTS (not rescued Sumatrans).
In any case, come on by tomorrow and let the speakers clarify it for us.