Amendment to Registration Statement Washington, DC 20530 Pursiiant to the Foreign Agents Registration Act of 1938, As Amended

Received by KSD/FARA Registration Unit 02/28/2018 2:32:01AM ' J ° OMB N6. 1124-0003; Expires May 31,2020

UA Department of Justice Amendment to Registration Statement Washington, DC 20530 Pursiiant to the Foreign Agents Registration Act of 1938, as amended

INSTRUCTIONS. Fite this amendment ibnn for any changes to a registration. Compliance is accomplished by Sting an electronic amendment to registration statement and uploading any supporting documents at https://www.fara.gov.

Privacy Act Statement. Thefiling of this document is required for the Foreign Agents Registration Act of 1938, as amended, 22 U.S.C. § 61 i etseq., for the purposes of registration under the Act and public disclosure. Provision of the information requested is mandatory, and failureto provide the information is subject to the penally and enforcement provisions established in Section 8 of the Act Every registration statement, short form registration statement, supplemental statement, exhibit, amendment, copy of informational materials or other document or information filed with the Attorney General under this Act is a public record open to public examination, inspection and copying during the posted business hours of the Registration Unit in Washington, DC. Statements are also available online at the Registration Unit's, webpage: httpg//www.fara-gov. One copy of every such document, other than informational materials, is automatically provided to the Secretary of State pursuant to Section 6(b) of the Act, and copies of any ahd all documents are routinely made available to other agencies, departments and Congress pursuant to Section 6(c) of the Act the Attorney General also transmits a semi-annual report to Congress on the administration of the Act which lists the names of all agehts registered under the Act and the foreign principab they represent This report is available to the public in print and online ati httpst/fwww. fara.gov .

Public Reporting Burden. Public reporting burden for this collection of information is estimated to average 1.5 hours per response, including the time for reviewing instnictions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the coitectipn of information. Send comments regarding this burden estimate dr any other aspect of this ajllection of information, including suggestions for reducing this burdhm to Chief, Registration Unit, Counterintelligence and Export Control Section, National Security Division, UiS. Department of Justice, Washington, DC 20530; aiidto die Office ofln formation and Regulatory Affairs, Office of Management and Budget, Washington, DC 2QS03.

I , Name of Registrant 2. Registration No.

Bellwether Strategies 6382

3. This amendment is filed to accomplish the following indicated purpose or purposes: □ To give a 10-day notice of change in information as required by Section 2(b) of foe Act 0 To correct a deficiency in (3 Initial Statement H Supplemental Statement for the period ending °^30/2017______

Q Other purpose (specify) . ______.______□ To give notice of change in an exhibit previously filed.

4. If this amendment requires foe filing of a document or documents, please list

5. Each item checked above must be explained below in foil detail together wifo, where appropriate, specific reference to aid identity of foe item in foe registration statement to which U pertains. (If space is insufficient, a full insert page must be used.)

Initial Statement - Although the contract commenced on April 1,2016 per the contract filed as Exhibit A to Registration Statement Bellwether Strategies began providing pro-bono strategic advice to foe Foreign Ministry during foe month prior. All activity was consistent with and included within the supplemental material originally submitted. -Susan Nelson and Duenya Hassan should be redacted from foe original filing. ,Although employed by Bellwether at the time of the contract they did not provide services to foe registrant directly in foe furtherance Of the foreign principal other than a secretarial or related capacity. As such, short forms are not submitted for either individual. Supplemental Statement Thecqntract was terminated in May 2017. Iri foe below appendix, we provide the final invoice and description of activities for this period.

FORM NSD-5 Revised 05/17 Received by NSD/FARA Registration Unit 02/28/2018 2:32:01 AM Received by NSD/FARA Registration Unit 02/28/2018 2:32:01 AM

EXECUTION |

In accordance with 28 U.S-C. § >746, the undersigned sweats) or afSrm(s) under penalty of perjury that he/she has (they have) read the information set forth in this registration statement and die attached exhibits and that he/she is (they are) familiar with die contents thereof and that such contents are in their entirety true and accurate to the best of his/her (their) knowledge and beliefexcept that die undersigned make(s) no representation as to die truth or accuracy of the information contained in die attached Short Form Registration Statements), if any, insofar as such information is not within his/her (their) personal knowledge.

(Date of signature) (Print or type name under each or provide electronic signature1)

Michael Holtzman

May 10, 2018

' This stmenem shill be signed by the individual agent, if the rcgitlraatis an individual, or by a majority of those partners, odious, directors or persons performing similar soorTOj.saisorae cm c* more iwttvidaals to execute this sSsttemertrm Vis behalf

Received by NSD/FARA Registration Unit 02/28/2018 2*32:01 AM Received by NSD/FARA Registration Unit 02/28/2018 2:32:01 AM BELLWETHER efisnuMitA im9 cqiuuitinc To: Republic of Panama

From: Bellwether Strategies

Date:-. 1 June 2017

Re: May 2017 Activity Report

In May 2017, Bellwether Strategies conducted the following public relations activities on behalf of the Republic of Panama:

Strategy Support

In May, Bellwether Strategies provided high-level various strategic communications advice and support for the Republic of Panama, including:

• Media Monitoring to evaluate how international media is perceiving Panama and how the country can address communications going forward (See Appendix A)

• Developing a strategy for media engagements on the visit of V ice President Isabel de Saint Malo to the United States during the ECOSOC meeting on financing far development

Messaging Support

Bellwether Strategies provided messaging deveiopmenisupport for Panama including:

• Translating and adapting the tumouncement about UN Side Event on SDG Financing, Tax Cooperation and Transparency, hosted by the Government of Panama (See Appendix B)

• Drafting live social media posts during the UN Side Event on SDG Financing, Tax Cooperation and Transparency* hasted by the Government of Panama i « Drafting an op-ed to be published during Vice President de Saint Male’s visit to New York ‘

Media Outreach

Bellwether Strategies provided media relations services regarding various newsworthy issues and events that helped advance Panama’s objectives and agenda, and strengthen the message of Panama* s commitment to financial transparency, including:

• Distribution of die Press Release about UN Side Event on SDG Financing, Tax . Cooperation and Transparency, hosted by the Government of Panama (See Appendix C)

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• Outreach and coordination for media to attend the UN Side Event on SDG Financing, Tax Cobjperation and Transparency, hosted by the Government of Panama, on background

Event Support

Bellwether Strategy provided on-site suppmt for the following:

• On-site support during the UN Side Event on SDG Financing, Tax Cooperation and Transparency, hosted by the Government of Panama, including coordination with camera crew and securing video of the event.

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INTERNATIONAL MEDIA REPORT Apr 29 -May 5

NEWS ON FINANCIAL TRANSPARENCY Tax /Lost* in Panama Papers Worth Up To EUR237bn ForEU. Tax News (United Kingdom) The total loss to EU member states from the Schemes revealed in the Panama Papers could be in the region of between EUR109bn (USD119bri) to EUR237bn, according to a new study commissioned by die European Parliament's PANA committee. f<

Luxembourg actively shared'Panama Papers' information, minister savs, Luxemburger Wort (Luxemburg) Luxembourg has shared information with other countries on cases of possible tax evasion in relation to the 'Panama Papers', according to Finance Minister Pierre Gramegna. . > .

OECD lists countries agreeing to countrv-bvTcountrv. reporting exchange. MNE Tax (United Kingdom) The OECD today released an updated list of automatic exchange relationships established between tax authorities to implement country •by-country reporting under Action 13 of the OECD/G20 base erosion profit shifting (BEPS) plan.

OECD Issues Progress Update On CbC g Implementation. Tax News (United Kingdom) On May 4,2017, the OECD released a full list of automatic exchange relationships among jurisdictions under the Multilateral Competent Authority Agreement on the exchange of country-by-country reports (CbC MCAA).

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U.K. to.lmplement Fourth.EUAntMMoney.Laundering Directive in June. Lexology (United Kingdom) Her Majesty's Treasury (HM Treasury) will soon publish its final policy decisions in advance of the June 26,2017 implementation of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (2017 MLRs).

Registration Open For OEGD International. Tax .Conference. Tax News (United Kingdom) Registration is open for the 2017 OECD International Tax Conference, which will discuss new and ongoing initiatives from the OECD in fee area of international tax law.

Credit Suisse savs tax orbbe linked to 'historical* business. Reuters (United States) A Dutch-led international tax evasion investigation involving Credit Suisse (CSGN.S) centers on the Swiss bank's "historical” private banking business, it said on Thursday.

International Exchange Of Data In Tax Matters: A Revolution Is Just Around The Corner. Mondaq (United kingdom) In the near future, international data exchange in tax matters will revolutionize taxation procedures in Germany and other countries. Due to the taxation of worldwide income in many countries, one observes the revenue authorities’ deficits with regard to foreign situations, because the ability to investigate on a national level general ends at the national borders. In light of increased mobility of persons, goods and capital, it is obvious that the national tax authorities are limited in determining the authoritative tex-refeted circumstances. The taxpayers' obligations to cooperate and inform that have been established in the meantime with regard to foreign situations (inter alia Secs! 90, subsections 2 and 3,138 para. 2 German Fiscal Code (AO), Secs. 16,17 German Foreign Transaction Tax Act (AStG), Sec. 30 para. 3, sentence 1 clause 2 German Iriheritance and Gift Tax Act (ErbStG)) have riot led to the desired elimination of the informational disadvantages on the part of the tax authorities. The direct exchange of tax date between the tax

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tf kAftcie c e >i run i i o m i co«iuitinc

authorities of individual countries is supposed to remedy this state of affap’s

PAN AM AIM THE NEWS In.Panama, a Restaurant as Remote as It Is Satisfying. New York Times (United States) Panga, on the Azuero Peninsula Of Panama, is over 60 miles from the nearest supermarket “It’s like I five on a boat,” said Andres Morataya, the restaurant's chef. Yet what Panga lacks is what has helped define it

Inaresos en el canal de Panama se etevaron.a un.16%. America Economica (Mexico) Los irigresos en concept© de peajes del Canal de Panama durante el primer trimestire.de 2017 totalizafon US$565.5 millones un 16.6% mas que los US$485.1 millones registrados eh el mismo periodo de 2016, segun dfras del Institute Nacional de Estadfstica y Censo (INEC) de la Contralorfa General de la Republics.

A un aflo de los Panama Papers. /cOrrio estah las cosas en ese pals?. El Frnanciero (Mexico) El Fondo Morietarip International recorioce que a pesarde que hubo progresos, atin se deben hacer esfuerzos para impedir la obstruction de information sobre propiedad y registros contables.

PanamS asume-ofidalmente aue emoieza a ser un pais oferente de cooperaciOn. Terra Mexico (Mexico) El Gobiemo de Panama lanzO hoy un plan nacional para articular la cooperaciOn intemacional y asumiO por prurnera vez de manera oficial que empezard a ser un pals oferente de ayuda, ya que esta oonsiderada una naciOn de rente media.

Panama v Republica Dominicana aumentan su relation comeroial. Forbes (Mexico) Panama y RepOblica Dominicana firmaron un acuerdo marco de negopiaciOn para la incorporation de nuevos productos y/o mejorar preferences de fos productos contempiados en el actual acuerdo de alcance partial con el objetivo de fortalecer

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sus relaciones econOmicas y comerciales como paises amigos y socios estrategicos.

Fore de vaiescoroorativosen Panama.loora.ventas de.2.7 millones.de ddlares. W Radio (Colombia) Las transacciones de los compradores intemadpnales durante el congreso de viajes corporativos ViajesCorp Americas 2017, que se celebrb en la capital panamefia, alcanzaron unps 2,7 millones de ddlares, mfomnaron hoy a Efe los organizadores del evento.

Bia-shiD era dawns for East Coast as record-setting ship transits Panama Canal. Miami Herald (United States! The Panama Canal truly entered the big-ship era this week when the largest vessel to date—a vessel from Asia that is as long as the Eiffel Tower is high and 158 feet wide — transited the expanded canal en route to the United States.

Panama Finds Investors Keen for long end. Global Capital (United Kingdom) Panama, which is rated lower but already trades through its peer Mexico at certain points of the curve, announced a benchmark 30 year and re-opening of its 3.875% on 2028s on Thursday Morning as part of a liability management exercise

Georgia’s Chancellor. Panama’s President and Florida Congressman Keynote 2017 Soring Commencement. Georgia Tech News (United States) Bachelor’s degrees wilt be awarded at two different ceremonies on May 6. The first ceremony, from 9 to i 1:30 a.m., features an address from Panamanian President Juan Carlos Varela, a 1985 Georgia Tech alumnus with a degree in industrial Engineering. Tickets are required, and the will call window opens at 7 a.m. Doors open at 7:30 a,m.

Nouveau record pour le canal de Panama. Actu Nautique (France) Ce cargo post-panamax d'une capacity de 13 092 EVP est le plus grand en termes de dvnension et de capacity EVP $ franchir le nouveau canal depute son inauguration enjuin 2016.

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Biggest shto to datetraversesthe.PanamaCanal. DW (Germany) The container ship COSCO Development has set a record as the biggest vessel to date to cross the expanded Panama Canal, which has seen a steady increase in shipping traffic, since its inauguration in June last year.

CrvDtocurrencv Users in Panama Can Now Trade Dash via Coinapult. Finance Magnates (United Kingdom) Dash, the privacyrtocused cryptocurrency, is now live on Panamanian broker and cryptocurrency wallet Coinapult, allowing users to trade it against twenty national currencies. Furthermore, Coinapultis partnership with Crypto Capital, holders of an international money transmitter license, provides a bridge tor regulated crypto to fiat conversion.

IMF Executive Board Concludes 2017 Article IV Consultation with Panama. International Monetary Fund (United States) The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Panama on May 1,2017 arid considered arid endorsed the staff appraisal without a meeting on a lapse-of-time basis

Panama Gitv takes delivery of more Metropolis metro cars. Metro Report (United States) The first three metro cars to augment.the Panama City metro Line 1 fleet arrived in the city on April 26 from Alstom’s Santa Perpetua plant in Spain.

LNG.dual-ftjel vessel sets sail.fbr.BC.. LNG Industry (United States) The vessel will embark on a 10 440 nautical mile journey, which should take 45 - 55 days, depending on the weather. It will stop for refuelling at Santa Cruz, Canary Islands, as well as Panama City, Panama. It will transit the Panama Canal and sail up the west coast of North America to reach B.C.

Umweltschutzer in Panama fordem Beschrdnkuna des Berabaus. Amerika 21 (Germany) Panama^Stadt. Eih Zusammenschluss verschiedener Umweltschutzorganisatipnen in Panama hat elne Petition an President Juan Carlos Varela gestartet, urn den

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Bergbau in dem mittelamerikanischen Land einzuschranken.

Ranama Canal transito qoncarbufante.areen.del bunker. IINautilus (Italy) II Canale dj Panama rappresenta un'inftestruttura strategica per i flussi commerciali dalVAtlantico al Pacifico e viceversa, ottre ad essere di vitale ifnportanza per Ip shipping mondiale, soprattutto dopo I’aHargamento. Infatti, dei flussi merpeologici in transito, il 51,2% o rappresentato dal traffic? Asia - U.S. East Coast; il 17,5% da quelto West Coast South America - U.S. East Coast; il 10,6% West Coast South America - Europe; 7,8% West Coast Central America - U.S. East Coast ed infine il 6% daH’Europe - U.S. & Canada West Coast.

The Republic of Panama announces the commencement of a alobal.note offering ancLoommences an offer to purchase anv and all of its 5.200% Global Bonds due 2020. PR Newswire (United States) The Republic of Panama ("Panama") announced today the commencement of a global offering (the "New Bonds Offering") of its global bonds to be denominated in U.S. Dollars, due 2028 (the ‘2028 New Bonds") and due 2047 (the "2047 New Bonds" arid together with the 2028 New Bonds, the "New Bonds"). The New Bonds offered may include New Bonds that may be issued and sold to certain tendering holders in the Tender Offer (as described below). The 2028 New Bonds will be consolidated and form a single series with, arid be fungible with, the outstanding U.S. $1,000,000,000 3.875% Global Bonds due 2028 (CUSIP No. 698299 BF0, IS IN US698299BF03, Common Code 138083179), previously issued by Panama. Merrill lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC will serve as Joint Lead Underwriters for the New Bonds Offering.

Panamas famous coffee makina its wav-to Australia as aopetite grows for high- quality beans. ABC (Australia^ Somewhere around 1,200 metres above sea level near the misty, green highland town of Boquete in the north of Panama, Landreth Laws leads tourists on a guided walk through coffee plantations.

Turkish Airlines. Panama’s Copa to Codeshare. Air Transport World (United States)

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Panama-based Copa Airlines has signed a wide-raging codeshare agreement with Istanbul-based Turkish Airlines. Both earners are Star Alliance members.

UN nahts expert to visit Panama after 'Panama Papers1 leak. New Zealand Herald (New Zealand) The U.N. human rights office says one of its independent experts will travel to Panama next month to investigate tax avoidance and evasion schemes like those revealed by the so-called "Panama Papers" leak.

Panama Canal, performing above initial expectations. Hellenic Shipping News (Greece) The expanded Panama Canal has performed way above what was expected since its inception.

International Maritime University of Panama to hostMaritime-Technoioov Cooperation Centre for Latin America. Hellenic Shipping News (Greece) The International Maritime University of Panama (UMIP) has been selected to host the regional Maritime Technology Cooperation Centre (MTCG) for the Latin America region. MTCC-Latin America joins MTCCs in Africa, Asia and the Caribbean under the Global MTTC Network (GMN) project, funded by the European Union and implemented by IMO.

Panama Canal s Modification to Fuel Requirements in Canal Waters. Hellene Shipping News (Greece) ECM Maritime Services, LLC, have advised foe Club about a new Advisory to Shipping, A-15-2017 dated 19 April 2017, which has been issued by the Panama Canal Authority jn response to a variety Of queries received about Section 29.a. Manoeuvring Fuel in OP Notice to Shipping N-1-2017 - Vessel Requirements.

Panama:.Del.Monte.to-inyest-more-fhan -100 million dollars to revive the banana production area. Fresh Plaza (United States) Yesterday, Panama's parliament approved, in the third and last debate, a contract law that will allow a company of the US Del Monte group to invest more than 100 million dollars in tee reactivation of the country's banana area,

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Mayor. parQue.e6lico.de. A. Central oroduio el ?.% de.enemla de Panamden 2016. W Radio (Colombia) ------El parque ebfico de Penonomd, ubicado a 110 kiidmetros al oeste de la capital panamefta y considerado el mayor de Centroamerica y el Caribe, produjo en 2016 el 7 % de toda la electricidad que se consumto en Panama, informaron hoy los gestores de la instalacibn.

Panama: IMAE ha reoistrato una crescita 5.23% a febbraio. AgenParl (Italy) Tra gennaio e febbraio 2017, il paese's attivita economica ha registrato un incrementb del 5,23% rispetto alio stesso periodo del 2016, con un miglioramentp di 0,93 punti percentuali, se condo per I'indice di attivita economica mensile (IMAE).

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IMATIGie CO n RU*II < At ♦ O N \ AND CONtUlTlNC

INTERNATIONAL media report May 13-May 19

NEWS ON FINANCIAL TRANSPARENCY

Transfer pricing post BEPS. Lexology (United Kingdom) Transfer pricing audits are being used by tax administrations as a way to collect- more revenue from taxpayers to fend cash-strapped treasuries globally. This trend creates many transfer pricing risks across the entire supply chain of multi nationals. As shown in the recent court case in the U.S. involving Medtronic, manufacturing activities can. be the source of significant transfer pricing controversy. It therefore pays to be prepared for some Of the transfer pricing questions that are heading toward multi-nationals as a result of fee revisions to the OECD Transfer Pricing Guidelines, the OECD/G20 base erosion and profit shifting (BEPS) initiative, and the rapidly changing global tax environment.

OECD;chiefi -Tax.treatv-wiji.ensure.bfa firms pav their dues. New Zealand Herald (New Zealand) The head of an intematipnal organization representing many of the globe's advanced economies says that a new, multinational tax treaty will be of “massive consequence" in preventing big companies from avoiding taxes.

OECD Warns Against Rise in Real Estate Prices. Financial Tribune (United Kingdom) The economy is expected to continue to increase by 2.4% this year but toe OECD continues to warn about the rising home prices in Canada and other international real-estate markets including Australia,.Sweden and the UK.

How much personal tax do people in OECD countries Pav?. Business Standard (United States) In 2016, toe average personal tax rate across ail OECD countries was 25.5% but those rates varied greatly among the member states. To some workers, paying a

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quarter of your gross income in taxes may seem like burdensome imposition; others would have signed up immediately for such a light-touch tax collection, according to toe latest report of toe OECD. At 40.7%, Belgium has toe highest personal tax rate of any OECD country, that is almost seven times as much as the lowest rate, 7%, in Chile. The US is almost perfectly in toe middle between both, with 26%.

U.K. Conservative Party Pledges ‘Tougher’ Tax Adviser Rules. Bloomberg (United States) The U.K-’s Conservative Party has said it plans to impose ‘tougher regulations’’ on tax advisory firms, pledging to step up the fight against aggressive tax planning before next month’s general election.

How big banks can repair their tarnished image and keep workers from burning out Quartz (United States) The financial services industry is stiirhaving trouble shaking its tarnished reputation. Between some questionable banking practices, toe 2008 financial crisis, and billion dollar bailouts, it’s no wonder Why senators Elizabeth Warren and Bemie Sanders are retaliating against them in support of the Working class. Recently, Wells Fargo settled a $110 million lawsuit after customers claimed they opened fake accounts without their consent, and former president Obama received atticism for accepting $400,000 from a Wall Street firm to speak after bailing Out the industry years ago. It’s now been nine years since the American financial crisis, yet new. research by my firm and the workforce management company Kronos finds that almost two-thirds of employees to the financial services sector are still impacted by it Furthermore, another study by Makovsky found that 86% of financial executives say that the crisis has had a major effect on toe perception of the industry.

Gall for transparency on ECB corporate bond buying. Financial Times (United Kingdom) EU lawmakers are calling for more transparency about which corporate bonds the European Central Bank is buying as part of its economic stimulus programme, to

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dispel any concerns that the purchase may be benefiting a small group of favoured companies.

PANAMA IN THE NEWS Morocco ohosphafe ship held in Panama over Western Sahara challenge: officiate. Reuters (United States) Panama authorities have detained a Moroccan phosphate shipment from the disputed territory of Western Sahara after the Polisario independence movement claimed the cargo had been transported illegally, Pditearib arid officiate said on Thursday.

World Youth Dav toad shows symbols for Marv. Panama. The Catholic Spirit (Italy) A logo depicting symbols for Mary, Panama and the Panama Canal was selected as the winning design to promote World Youth Day 2019.

Erst-Quarttum-to.kick aff:massive $5:48bn cooper mine in Panama in iust months. Minina.com /United Kingdom! Canada's First Quantum Minerals (TSE: FM) is just a few months away from commissioning its massive $5,48 billion copper project in Panama, one of the largest of very few new red metal mines to begin production by the end of the decade.

Panama's New Tourism Campaign Treats Remoteness as an Asset. Adweek (United States) Panama is riot for those seeking an all-inclusive, off-the-rack travel experience. The tiny country is remote, often hard to get to, and usually eclipsed in popularity as a travel destination by neighboring Costa Rica. In its first advertising campaign aimed at American and Canadian visitors, die Panama Tourism Authority turned these factors into an asset

Panama maritime.oersonalfty Encamacion Samanieao dies Seatrade Maritime News (United States) Capt Encamacion Samaniego, former director of the International Merchant Marine of Belize [IMMARBE] from 2009 to 2013 and a personality in Panama

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maritime sector has died aged 58.

S5.48bn Panama project on track far 2018 commissioning. Mining Weekly (Australia) The $5.48-billion Cobre Panama copper project being developed by First Quantum Minerals, is on track for commissioning in 2018.

Spotlight Social Effects Of The Panama Canal. WMOT Roots Radio (United States) Barro Colorado Island — which is owned by the Smithsonian Institution sits on the mairi passage of the Panama Canal. It managed to remain under U.S. control even alter the U S. ceded rights to the canal to Panama in 1999.

IN BRIEF: Panama allocates additional funding to Canal aulhoritv. BN Americas (United States) Panama's cabinet has approved to allocate additional funds to the 2017 budget of canal authority ACP, and to reclassify funds already

jCT-tender Panama seeks business process management system. BN Americas (United States) The government of Panama is calling for bids on the provision of a Bonita 7.2.4 business process management system (BPMS).

Panama power project licensing watch. BN Americas (United States) Panama authorities modified provisional licenses tor two renewable energy projects that would add approximately 90MW.

Panama's money laundering reforms facing critical FATF review. BN Americas (United States) Panama's financial sector is undergoing a critical examination with the May 15 arrival of experts from the Financial Action Task Force.

Private sector must help UtAm invest 5% of GDP in infra - CAF. BN Americas (United States)

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Latin America needs to increase investments in infrastructure to at least 5% of GDP, and the cooperation of the private sector is essential to achieve this, Latin American development bank CAF stated.

Remueven a consul chileno an Panama oor aoovar candidature presidencial. Terra Chile (Chile) La Candllerfa chilena removiO hoy de sus funtiones a Cristian Jara, quien se desempeflaba como cdnsul en la Embajada de Panama, tras haber expresado su apoyoa la candidatura presidential del senaddr de derecha Manuel Ossanddn.

Vicepresidenta de Panama participate en faro sobrie los OPS en Costa Rica. Terra Espafia (Spain) La vicepresidenta y canciller de Panama, Isabel De Saint Malo, viajate este viemes a Costa Rica para participar en un tore sob re la pobreza y los Objetivos de Desarrolio Sostenible (ODS) al que tambten asistiran sus homdlogas costarricense y dominicana, informd hoy la Canciilerla.

Ftscalia de Panama investiaa el asesinato de una muter en iuioso hospital. Terra Espafia (Spain) La fiscalis de Panama investiga el asesinato de una mujer, supuesta abqgada, registrado hoy a plena luz del dfa en la cafeteria de un exclusivo hospital de la capital.

Panama Pone fin a contrato con Odebrecht. Forbes Mexico /Mexicol Con la firma del finiquifo entre la empresa Odebrecht Latin Finance (OLF) y la Empresa de Generacibn Eiectrica (EGESA) se puso fin al contrato por mutuo acuerdo con Odebrecht, para la construction del Proyecto HidroelOctrico Chan II, ubicado en la provincia de Bocas del Toro.

Inauauran en.Panama muestra "El cdntico del sof de ointor esPafiol Joan Mir6. EFE Agenda (Spain) “El cantico del sol", una muestra del surrealismo del pintor y grabadof espahol Joan Mir6 (1893-1983) que express una vibrante y colorida visibn de la naturalega, se exhibe desde hoy en el Centro Cultural de Espafta Casa del Soldado, en

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Panama, hasten el 18 de junto proximo.

Deuda de Ranami:fue de casi 22.000 mdd.en.abHl. Forbes Mexico (Mexico) De acuerdo con el reporte de la DirecciPn de Financiamiento Publico el saldo de la deuda publics total disminuyp en 41 miliones de dPIares (mdd), respecto al saldo registrado a) cterre de marzo de 2017 cotocdndqse en 21,922 mdd a) cierre de abril.

Odebrecht presionP para impedir oue Panama coooerase.con Brasil, dice delator. Terra Mexico (Mexico) El grupo Odebrecht, implicado en un escPndalo de corruptiPn de dimensiPn intemacional, presionP para impedir que las autoridades de Brasil y Panama intercambiaran irifbrmaciPn judicial, segtin desvelP en una declaraciPn a la Justicia divulgada hoy el exejecutivb Fernando Migliaccio.

Banco Mundial v Ministerio de Economfa v Finanzas de Panama oresentan mapa de la pobreza. America Economia (Mexico) El Banco Mundial (BM) y el Ministerio de Economia y Finanzas (MEF) presentaron el nuevo Mapa de Pobreza de PanamP, una herramienta que permitirP identificar la distribudPn de las Preas con pobreza general y extrema, y su relaciPn con una aerie de indicadores sotioeconpmicos y de bienestar reiacionados con la iriversiPn social en Panama.

PanamP ouiere acuendo.con Odebrecht para avudar investiaaciPn de sobomos. Terra Mexico (Mexico) La fiscal general de Panama, Kenia Pprcell, djjo hoy que para el Ministerio PQblicp (MP) es muy important© alcanzar un acuerdo con la empiesa Odebrecht para obtener infbrmacipn sobre los al menos 59 miliones de dPIares pagados en coimas por la constructors brasifefta en el pars centroamericano.

Siouen protestas contra Uber en Panama. Forbes Mexico (Mexico) Por segurida vez en menos de 15 dlas, representantes del sector transpose de turismd (taxis) protestaron en contra de las platafbrmas de movilidad como Uber, en la Ciudad de Panama.

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Decomisan en Panama 700 paauetes de coeafna en zona fronteriza con Colombia. Terra Mexico (Mexico) Las autoridades de Panama informaron hoy que decomisaron 700 paquetes de Cdcalria halladas en uria finca ubicada en un sector de la provincia de Darien, fronteriza con Colombia, y detuvieron a tres panameftos por el caso.

Panama colaborare con Ecuador en caso de deconiiso de 5.5 toneladas de coealna. Terra Mexico (Mexico) La Autoridad Maritima de Panama (AMP) dijo hoy que colaborara pfenamenfecon Ecuador en la investigacibn del caso de las 5,5 toneladas de cbcaina decomisadas el jueves pasado por autoridades ecuatorianas en un bare© de bandera panamefla y que tendrfan como destine Europa.

Panama ouiere acuerdo conOdebrechtpara.avudar investiaaci6nde sobomos. Terra Colombia (Colombia) La fiscal general de Panama, Kenia Porcell, dijo hoy que para el Ministerio Ptiblico (MP) es muy importante alcanzar un acuerdo con la empress Odebrecht para dbtener infomnacibn sobre los al menos 59 millones de dblares pagados en coimas por la coristructora brasifefta en el pafs centroamericano.

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BELLWETHER ISiWATiEGIES

INTERNATIONAL MEDIA REPORT May 20 - May 26

NEWS ON FINANCIAL TRANSPARENCY

That whole Panama Papers scandal? The U.S. ateo naeds to-take a look at itself. Marketplace (United States) The West tends to think highly of itself when it comes to dealing with corruption, but it’s an image teat's been shewing cracks, according to tee book -Unmasked: Corruption in the West."

Ecuador Focuses on New UN Tax Body to Fight Illicit Financial Rows. IPS (United States) The time is now to work together to fight illicit financial flows, according to Ecuador's Foreign Minister Guillaume Long.

The BoE develops a new taste for transparency. Financial Times (United Kingdom) The yoghurt consumption habits of central bankers have rarely attracted much public attention. But two pots of the fermented milk product purchased by Mark Carney, the Bank of England’s governor, have become the latestsymbol of central banks’commitment to openness and accountability.

Draft QECD transfer Dridng guidance.reteased on.hard-to-value intangibles. MNE Tax (United States) The OECD today released a discussion draft providing guidance to tax administrations on how to implement transfer pricing guidelines on transfers of hard-to-va!ue intangibles

Baste income, reform would need moreJaxes: OECD. Globe and Mail (Canada) Welfare reforms that would introduce public payment of an unconditional basic income to everyone of working age are worth exploring but would dp little to

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tTlATIClC CO N'BU •»

combat poverty if not financed by extra tax, the OECD said.

Tackling donate change will boost economic growth. OECD savs. CNBC (United States) A new report from the Organisation for Economic Co-operation and Development (OECD) says that the integration of measures to fight ctimate change into economic policy will aid economic growth, both in the medium and tang term.

Chile reveals anti-money laundering sanction tally for 2016. BN Americas (United States) Chilean anti-money laundering watchdog UAF issued 209 sanctions last year against individuals and companies operating within the private sector.

Still Following toe Money: FinCEN. Money Laundering, and the Bank Secrecy Act Lexoiogy (United Kingdom) Late test week, Congressional intelligence committees reportedly received some information from the U.S. Financial Crimes Enforcement Network (FinCEN) related to investigations into Russia’s attack on the 2016 U.S, Presidential election and the allegation of collusion with members of the Trump campaign. This followed earlier reports of the Senate Intelligence Committee requesting data from FinCEN, including "information about shell companies, money laundering and toe use of property transfers.” Also in the past week, Robert Mueller, Special Counsel, was appointed by the U.S. Department Of Justice to conduct an independent investigation regarding Russia’s cyberattack. Taken together, that makes three sets of investigators who may be reviewing and analyzing documents from FinCEN in order to better understand financial connections among the President’s campaign, his business organizations, and Russia.

PANAMA IN THE NEWS Panama welcomes bids on bridge, metro contracts. Latin Finance (United States) Panama will begin taking bids from construction companies in the coming weeks for a bridge oyer toe canal and a new line on the metro, the country’s finance minister told LatinFinance.

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Panama .Calls ter. Balance in Tax Cooperation and Development Financing. Yahoo Finance (United States) The Government of Panama, in partnership with the Economic Commission for Latin America and the Caribbean (ECLAC) and the Organization for Economic Cooperation and Development (OECD), today organized a high-level side event at tee United Nations titled "Financing, Tax Cooperation and Transparency: A Balancing Act for Developing Countries" featuring Panama's Vice President and Minister of Foreign Affairs Isabel de Saint Mato, Finance Minister Duiddip de la Guardia, Deputy Secretary General of the United Nations Amina J. Mohammed, Chief of the ECLAC'S economic division Daniel Titleman, and Director of the OECD's Centre for Tax Policy and Administration Pascal Saint-Amans.

Panama's wind capacity to increase 63% bv end-3018. Renewables Now (United Kingdom) Panama expects its wind capacity to increase 63% by the end of 2018 with tee addition of 170 MW to tee country's National interconnected System (SIN).

El Salvador. Panama launch integrated securities market. BN Americas (United States) El Salvador's banking regulator (SSF) hailed the successful integration of the nation's securities exchange with Panama's, as a unique market action.

Panama's.lnoeniero Josd.G. Rodriguez potable water treatment plant. BN Americas (United States) At tee end of 2015, Panama's water utility IDAA.N launched a tender for tee construction of the Ingeniero Jose G Rodriguez potable water plant.

Americas: Milestone for Proposed Panama Cruise Terminal. Bunkerspot (United States) A Construction contract to develop tee facility at AmadOr, situated at the Panama Canal’s entrance on the Pacific side, has now been awarded.

Morocco phosphate ship held in Panama over Western Sahara challenge: officiate. Reuters (United States)

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Panama authorities have detained a Moroccan phosphate shipment from the disputed territory of Western Sahara after the Polisario independence movement claimed the cargo had been transported illegally, Polisario and officials said on Thursday.

New record set for laraest-caoacitv vessel to transit expanded Panama Canal. American Journal of Transportation (United States) Less than a month after the previous record was set, the Panama Canal welcomed the Neopanamax container vessel OOCL France, making it the largest capacity vessel to transit the Expanded canal since it was inaugurated in June 2016. The OOCL France contaihership—which measures 366.47 meters in length and 48.23 meters in beam with 13,926 total TEU allowance (TTA)—transited northbound from the Pacific to the Atlantic Ocean.

Interpol seeks arrest of former Panama president Martinelli. Financial Times (United Kingdom) Interpol has issued an international arrest warrant for former Panamanian President Ricardo Martinelli, who is wanted at home on political espionage and corruption charges.

LNG dual-fuel vessel .transits .Panama .Canal. LNG Industry (United States) BC Ferries has announced that the Salish Raven - the company’s latest LNG dual* fuel vessel has successfully transited the Panama Canal and is en route to British Columbia (B.C.), Canada.

Panama bleibt ietzt doch ein Steueroaradies. Sueddueutsche (Germany) Nach Ansicht des Bundesfirianzministeriums bleibt Panama absehbar ein Paradies fOr SfeuerflOchtlinge. ''Nach derzeitigem Kenntnisstand ist nicht davon auszugehen, dass Panama die mehrseitige Vereinbarungeri der OECD (...) Qber den autpmatischen AustausCh von Infbrmationen Qber Finanzkonten zeichnen wind", heiBt es in einem Gesetzentwurf des Ministeriums, der dem Finanzausschuss des Bundestages am 8. Mai Ubermittelt wurde.

Latin America Minina Equipments Market Expected to Observer Major Growth Bv

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2020. LA News (United States) The mining industry is expected to witness growth with a single digit CAGR over the next six years on account of the further expanding demand for metal and mineral commodities. Latin America accounted for about 8% of the global mining equipment demand in 2013 and its contribution towards global mining equipment sales was registered at 15% for the same year. The region serves as the prime destination for mining exploration and investment aha global level.

Panama, vescovi: la famiqlia 6 la base della society. Radio Vaticana (Vatican State) “Una cosa 6 norrnare te union! tra persona dello stesso sesso nelPambito dei diritti civilie patrimoniali e un’altra cosa, molto diverse, 6 pretenders di offrire a queste unioni un riconoscimento giuridico come il matrirnonio, cosa che implicitamente sowerte I’ordine stabilito dalle nature umana e dal nostro patrimonio giuridico e legislative”. A sCriverlo, in una nota - riporta il Sir - 0 la Confersnira episcopate panamense (Cep), che prende posiziorte nel moment© in cui nelPaesesi Sacceso il dibattrto sul riconosdmenfo giuridico delle unioni omosessuali.

Unprecedented anti-graft camoatan blazes trait in LatArh for better Justice. Xhinua (China) Anti-corruption actions have swept Latin America, especially in recent month's, with top officials probed or detained over regional behemoth enterprise Odebrechfs chain bribing.

Peru. Panama seek to increase trade and cooperation. Andina (Peru) Peru's Deputy Foreign Affairs Minister Nestor Popolizip and Panamanian counterpart Luis Miguel Hincapie agreed that there is great potential to increase trade and investment between Peru and Panama.

Panama Canal Authority responds to “false claims" from IOMMP. American Journal of Transportation (United States) Contrary to foe lOMMP’s false claims, the Expanded Panama Canal’s performance has far exceeded expectations sinoe the inauguration in June 2016, setting monthly and daily tonnage records, attracting 15 new liner services, and

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welcoming an average of six daily Neopanamax transits when forecasts originally anticipated only two to three transits a day for the first year of operation. The maximum capacity of the waterway will eventually reach 10—12 daily Neopanamax vessels, which the Panama Canal is on set to reach ahead of schedule, as it continues to increase capacity and surpass expectations. These facts alone directly disprove lOMMP's wrongful claims of underperformance.

Panama Canal Transit Tips: What You Need to Know. All At Sea (United States) In March, Allison and Derek Parkes transited the Panama Canal on their Tayana 47 Arielle. Allison offers no-nonsense advice for those following in their wake.

First Quantum Minerals to commission $5.5b Panama cobber project in iust months. Business Vancouver (Canada) Vancouver's First.Quantum Minerals (TSE:FM) is just a few months away from commissioning its massive $5.48 billion copper project in Panama, one of the largest of very few new red metal mines to begin production by the end of the decade.

Cahal de PanamSbusca fuentes de-aqua oara mitiaar efectos del cambio dimatico, America Eepnomica (Mexico) El administrador de la Autoridad del Canal de Panama (ACP), Jorge Quijano, dijo este lunes que la entidad gubemamentel buses altemativas con otros actores para contar con nuevas fuentes de agua que ayuden a mitigar posibles efectos del cambio dimatico.

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Ift/lHCtC CO fl W 1 1C * T I OUt AMO mm /

INTERNATIONAL MEDIA REPORT May 27 - Jun 2

NEWS ON FINANCIAL TRANSPARENCY Russia To Skin OECD's BEPS Convention. Tax News (United Kingdom) Russia will sign the OECD's Multilateral Convention to implement tax treaty-related measures to prevent base erosion and profit shifting (BEPS), the Government announced on May 20.

OECD Discussion Draft offers guidance on implementing approach to hard-to- value intangibles. Lexology (United States) The Organisation for Economic Co-operation and Development(OECD) has released a public Discussion Draft providing implementation guidance to tax administrations with respect to the approach to hard-to-value intangibles (HTVI).

Talking to the OECD: Tech.disruotion in taxadministration. International fax Review (United Kingdom) Peter Green, head of foe Forum on Tax Administration (FTA) Secretariat atthe OECD shares his views with foe Inland Revenue Authority of Singapore (IRAS) and International Tax Review on how technology is changing the status quo for many industries and tax administrations with the constant emergence of new technologies and rising taxpayer expectations.

OECD details peer review Plan for BEPS tax treaty abuse minimum standards. MNE. tax (United Kingdom) The OECD today outlined foe peer review process to be used to assess counties’ compliance with minimum standards set Out in the OECD/G20 base erosion profit shifting (BEPS) plan on tax treaty abuse.

OECD pacer ahead of Ministerial meeting cafe for more inclusive, rules-based globalization. FTSE Global Markets (United Kingdom)

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STSAfteiC e O « * I £ AT I o M * CONSVITMiC

The US administration under Donald Trump might be vocal against globalisation, but the OECD has taken a different stance. Urgent action is needed to address the backlash against globalisation, it says in a preparation paper ahead of the OECD’s Ministerial Council meeting in Paris next week (on June 7th and 8th). Fundamental and long^overdue policy changes are required to share more broadly the benefits of increasingly open and digitalised economies and empower all citizens to succeed, it adds.

Rich people dodae far more tax than previously thought, economists find. The Independent (United Kingdom) The wealthiest 0.01 per cent evaded 30 per cent of their personal taxes on average, compared to just 3 per cent in the total population, according to economists Annette Alstadsaeter, Niels Johannesen, and Gabriel Zucman.

The mission.of multilateral financial institutions in the global economy, fass (Russia) “It is innovation of the banks that really matters. I beijeye that it needs a really high level of transparency because there is indeed some misunderstanding as to what these development banks and mufelateral financial institutions in fact are. Transparency is just what if needs for private banks to be willing to cooperate,'1 said Nikolay Tsekhomskiy, First Deputy Chairman of the Management Board, Bank for Development and Foreign Economic Affairs

Moody's fined €1.24m over transparency failures. Financial Times (United Kingdom) The EU’s markets watchdog has fined Moody’s €1,24m for tailing to explain publicly how it made a series Of ratings decisions about the financial health of global institutions.

PANAMA IN THE NEWS

Spain's top anti-corruption prosecutor Quits over Panama link. The Guardian (United Kingdom) Spain’s top anti-corruption prosecutor has resigned following weeks of pressure that culminated in an admission that he holds a stake in an offshore company in

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Panama.

Ex-Panamanian dictator Norieaa. ousted in U S invasion, dies at 83 Reuters (United States) Fortner Panamanian dictator Manuel Noriega, who spied for the United States before his drug trafficking and brutality triggered a U.S. invasion to oust him in 1989, has died aged 83.

HOW the U.S. invaded Panama in search of dictator Manuel Norieaa. the Miami Herald (United States) Former Panama dictator Manuel Noriega died this week. Here is a look back at the U.S. invasion of Panama and Noriega's surrender. The report on the invasion was published December 21,1989 in the Miami Herald.

Panama_cuts stays for Colombians. Venezuelans. Nicaraguans. Associated Press (United States) Panama says it’s halving the maximum time for tourism visits by people from Colombia, Venezuela and Nicaragua to 90 days.

Panama’sformer dictator Manuel Noriega^a life in pictures. The Guardian (United Kingdom) Noriega, a one-time US ally who was ousted by an American invasion in 1989, has died aged 83. Noriega ruled with an iron fist, ordering the deaths, of those who opposed him and maintaining a murky relationship with the US. At foe apex of his power he wielded great influence outside foe country thanks to longstanding relationships with spy agencies around the world

Panama multa a Clare de Carlos Slim. Forbes Mexico (Mexico) La Autoridad Nacional de los Servicios Publicos (ASEP), ente regulador de los servicjos de tetecpmunicaciones de Panama, sancionO con una multa de 50,000 dOlares a la Empresa Clare Panama, S.A., pertenectente al mexicano Carlos Slim, por incumpjir la Ley 31 de 8 de tebrero de 1996, que dicta las normas para la regulation de las tetecomunicaciones en la Republica de Panama.

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Autoridades de Panama desmantelan red v decomisa mds de 5 toneladas de drodas, Terra Mexico (Mexico) Las autoridades panameflas infbrrharon hoy que decomisaron mds decinco toneladas de cocafna y marihuana, detuvieron a 64 personas de distintas nacionalidades y decomisaron 2,5 millones de dOlares a una red con conexiones en Costa Rica y otros paises durante operaciOn que se extehdid por casi dos aftos.

Norieoa: ei fin de una era siniestra para Panama. The New York Times en Esparto! (United States) Ha muertoel exnarcodictador de Panamd, Manuel Antonio Noriega, el personaje rods stniestro que ha producido mi pals.

Candller Luis Vkleaarav.se reijne.con sus.hom6loafls.de Panamd v Brasil, Televisa (Mexico) En el marco de su visits a Washington, para participar en la 29 Reunion de Consults de Mihistros de Asuntos Exteriores de la OEA, el secretario de Relaciones Exteriores, Luis Videgaray Caso, se reuniO con la yicepresidenta y canciller de Panamd, Isabel Saint Malo, y el mmistro de Asuntos Exteriores de Brasil, Aloysio Nunes.

Gohiemo dePanamd invertird 100 mdd en zona aortcola. Forbes Mexico (Mexico) El presiderite de Panamd, Juan Carlos Varela, sanciona contratp-ley entre el Estado y empresa privada, este compromise iricluye una inversion de 100 millones de dOlares (mdd) en las zorias bananeras en Chiriqui y Bocas del Toro para reactivar esas dreas del pals.

Gobiemo inida Plan para baiar. more auirurqica aue afecta a miles en Panama. Terra Mexico (Mexico) El Gobiemo de Panama dijo que hoy arra.ncO un plan especial para reducir la more qulrurgica que afecta a "mds de 16.000" personas en el pals, "con las primeras 20 pacientes que serdn operadas de histerectomfa en hospitales privados".

« Panamd credo 6 2% en primer trimestre. Forbes Mdxico (Mexico)

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El Producto Interno Brutp (PIB) de Panama IpgrO un crecimiento de 6.2% durante el primer trimestre de 2017, segQn el ultimoinforme de la Contraloria General de la Reptiblica. Un crecimiento por arriba de las expectetiyas hasta el momenta.

Fiscalfa de Panama dice aue hav 36 imoutados oor sobomos.de.Odebrecht. Terra Mexico (Mexico) La Fiscalfa de Panama dijo hoy que los imputados por tos sobomps de Odetorecht, entre los que se encuentran dos hijos del expresidente Ricardo Martinelji, han ascendido de 17 a 36 personas, de las cuales 22 son panameftas, 13 brasileflas y una estadounbense.

Susbenden audienda en Panama a estadounidense aue confesP multiple asesinato. Terra Mexico (Mexico) Por la renunda de una abogada defensora se ordenP hoy, por tercera vez, suspender la audiencia contra el multiple asesino confeso estadounidense WilHam Dathar Holbert y su expareja Laura Michelle Reese, programada para el prPximo tunes, infOrmP una fuente judicial,

R.Dominicana detecta contrabando 9 millones ciaarrillos orocedente de Panama. Terra Mexico (Mexico) La Direccipn General de Aduanas dominicanainfbrmP hoy en un documehto que incauta este fin de semana 9,250.000 cigarrillps de distintas marcas que entraron ilegalmente al pafs por el Puerto Multimodal Caucedo, a unos 25 kilpmetros al este de te capital.

Panarhe firma contrato para reactivar la producciPn bananera. America Economia (Mexico) El presiderite de Panama, Juan Carlos Varela, santiond hoy un contrato-ley entre el Estado panameflo y la empresa Banapifta Panama, subsidiaria de la trasriacional estadounidense Del Monte, que contempla una inversion del orden de los US$100 millones para la teactivacton de la produccbri bananera en el oeste del pals.

Sbue en evaluation sisferria financiero de Panama. Forbes Mexico (Mexico)

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El Grupo de Acci6n Financiera de Latinoambrica (GAFILAT) culminb el pasado 26 de mayo la visits in situ a Panama, como parte del proceso de evaluacibn en base a la Cuarta Ronda de Evaluacibn Mutua.

Canal de Panama reaistra nuevo record de capacidad con buaue portacontenedor. America Economia (Mexico) El Canal de Panama recibib el trbnsito del portacontenedor OOCL France, convirtibndose en el buque de mayor capacidad en transrtar las nuevas esclusas desde su aperture en junio del afto pasado.

Tres orovectos aumentaran la produCdbn de enerala eblica en PanamaAmbrica Economia (Mexico) Tree nuevos proyectos de energfa eblica se inoorporaran para el afto 2018, al sistema el6ctrico panamefto lo cual colocara al pals como uno de ios mbs prodMCtivos de la region.

Argentina. Panamd-v Colombia piden a Venezuela aue cancele la Constituvente. Terra Espafts (Spain) Las ministras de Relaciones Exteriores de Argentina, Panarria y Colombia pidieron hoy al Gobiemo de Venezuela que canoele la Asamblea Constituyente, libere a Ios polfticos presos, respetefa separacibn de poderes y busque ayuda humanitaria intemacional.

Littler Names New Panama Leadership. American Lawyer (United States) The global labor and employment giant, which became a Swiss verein in 2013 after expanding into Central America, has hired partner Yens Nielsen to helm its office in Panama City. Three partners at Littler Mendelson recently left rts base in the city to join a leading Panamanian firm.

Elliott Abrams:-How-to Disbqse.OLA.Dictator Like Noriega. Newsweek (United States) "Manuel Noriega died last weekend. And therein lie many tales The ancient Latin bromide de mortuis nihil nisi bonum must be stretched to discuss Noriega, who until his capture and jailing by the United States did a great deal of haim as

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Panama's dictator."

Panama Canal Publishes Rrooosal.fbrModifications-toTolls.Structure, Hellenic Shipping News (Greece) Yesterday, the Panama Canal Authority (ACP) published a proposal tor modifications to its current tolls structure, signaling the beginning of a 30-day formal consultation period for industry feedback, allowing the waterway to continue providing a competitive service to its customers.

Air Panama inauoura ruta entre Ciudad de Panama v Cartagena de Indies, Terra Mexico (Mexico) La compart ia Air Panama inaugurd hoy su nueva ruta entre Colombia y Panama con un vuelo entre tos aeropuertos irifernadonales Marcos A. Gelabert (Albrook), de Ciudad de Panama y Rafael Nuflez de Cartagena.

Ampliation del Aerdpuerfo en Panama tiene 73% de avanoe. Forbes M6xico (Mexico) La construction de ia ampliation del aeropuerto International de Tocumen, principal terminal a£rea panameria tiene un avarice de 73%.

Nestte abre su divisjOn de compras en Panama. Forbes Mexico (Mexico) Luego de varios meses despuOs del anuncio la empresa de alimentos de origen Suizo: NestlS, inaugurO en Panama su Division de Compras, Nestrade en ciudad de Panama.

El GObiemo de Panama construve un nuevo vado en el rfoPdtrero.de La Pintada. iagua (Spain) Personal de to Section de Puentes del Ministerio de Obras Publicas se mantiene construyendo un vado sobre el rio PotirerO, distrito de La Pintada, provincia de Cocl£, que comunica a las comunidades de El Potrero con Las Cuestas y Toro Bravo

Debafen en Panama la sostenibilidad enematica de las edificadones deAmdrica Latina. El Diario (Spain)

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Los estandares verdes, la certificadOn energetics en equipos deventilacidn y la gerencia de edjfictos en A.Latina, son los temas que una veintena de expertos abordan en dos convenctones paralelas inauguradas hoy en Panama.

Panama. Les mfemoires de I’ex-rdictateur Noriega blentflt publics. Courtier International (France) ‘Noriega laisse des enregistrements secrets pour ses m6moires", titre en une le quotidien La Estrella de Panama, le 31 mai. Apr&s ses obsfcques la veille au soir, la rriort de I'anden dictateur continue a faire la une de la presse nationale. “L’ex ‘horrime fort’, qui s'est tenu au silence durant ses annaes de prasidence, a commence a 6crire sa biographte en France [en 2010] et il a continue avec des enregistrements audio [dans la prison panameenne de] El Renacer”, annonce le journal.

Panama:.Suez remPorfe un contrat a 195M€. Le Figaro (France) Le groupe de gestion de feau et des dechets Suez a annonce ce mardi avoir remporte un contrat d'environ 195 millions d'euros pour I'extensidn et Cexploitation d’une station depuration au Panama. Le contrat concerrie la station "Juan Diaz", constru.ite par Suez en 2009 pour trailer les eaux usees de la capitate, Panama City, et que le groupe frangais exploite depuis 2011.

Europa investioa a Miguel Arias Cariete por sus vlnculos con los ‘Papeles de Panama:. El Pais (Spain) El fiscal jefe AnttcorrupdOn, Manuel Moix, ha presentado sit dimisiOn "por motivos personates" este jueves despuOs de que se revelara que posee desde 2012 el 25% de una soctedad offshore en Panama, bajo la que se camufla la propiedad de un chaie en Collado-Villalba, que tanto ei comp sus tres hermanos recto ieron cdmo herencia de.sus padres, ha acabado forzando su dimisiOn.

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APPENDIX B

Panama CaU$ for Balance in Tax Cooperation and Development Financing; At United Nations, Panama's Vice President de Saint Malo highlighted the need for a more inclusive conversation on tax incentives, while the OECD congratulated Panama on its progress in financial transparency

23, May 2017 (New York) - The Government of Panama, in partnership with foe Economic Commission for Latin America and the Caribbean (ECLAC) and the Organization for Economic Cooperation and Development (OECD), today Organized a high-level side event at foe United Nations titled “Financing, Tax Cooperation and Transparency: A Balancing Act for Developing Countries” featuring Panama's Vice President and Minister of Foreign Affairs Isabel de Saint Malo, Finance Minister Dulcidio de la Goardia, Deputy Secretary General of the United Nations Amina J. Mohammed, Chief of the ECLAC'S economic division Daniel Tideman, and Director of the OECD's Centre for Tax Policy and Administration Pascal Saint-Amatts.

During foe event, the Panamanian V ice President highlighted the need to strike a balance that takes into account the different economic characteristics of each country and the need to ensure financial transparency, while protecting foe resources that fond Sustainable Development Goals. “Foreign Direct Investment (FDI) is widely recognized as a pivotal source of funding for the Addis Ababa Agenda, and developing countries need to have the tools to attract it. Substantial, welirimplemented tax incentives can be one of those tools,” said Vice President Isabel de Saint Malo during the event. She also emphasized that Panama has met all transparency standards and that foe President Varela Administration continues to work relentlessly to comply with international expectations.

Daniel Titleman, Chief of the ECLAC’S economic division, continued to underline the importance of FDL specifically in developing countries. He stretched foe importance of designing effective mid specific incentives that enhance FDI with substance and regional cooperation. At foe same time, Pascal Saint-Amans, Director, Centre for Tax Policy and Administration of the OECD, said that the implementation of transparent incentives that encourages value creation in transfer of technology and creation of employment, can be a useful tool in financing foe SDGs agenda.

*‘I want to congratulate Panama for foe fantastic efforts deployed in regards to tax transparency, including its participation in the Global Forum, the adoption of BEPS, and forits commitment to being an active and engaged global actor in this space,” said Director Saiht-Anians during his intervention.

Deputy Secretary General of the United Nations, Amina J. Mohammed, emphasized the importance of having art inclusive discussion on tax issues. “Not being members of foe OECD, for instance, means developing countries sometimes have difficulty getting their voices heard,” Deputy Secretary Mohammed pointed out She also commented on the need to address

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transparency issues, from a global perspective.

tiie Panamanian Minister of Economy and Finance, Dulcidio de la Guardia, finalized by saying "Tax incentives are a powerful tool for developing countries, in particular for countries that have limited financial resources. They level the.playing field, where all countries can thrive under the same conditions to achieve SDGs”

The event concluded with a discussion of die different challenges faced by different Member States in different regions of the world. The participants all thanked Panama for bringing forward a timely discussion about this crucial matter.

it ii ti tt ft ft

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«T«Ar<«IC COH»W^CA1lONl AND COoWlflhfi APPENDIX C

Outlet: Syndicated Across 191 outlets Title: Panama Calls for Balance in Tax Cooperation and Development Financing Date: May 24,2017 Total potential impressions; 88,034,768

Panama Calls for Balance in Tax Cooperation and Development Financing

At United Nations, Panama’s Vice President de Saint Malo highlighted die need for a more inclusive conversation on tax incentives, while the OECD congratulated Panama on its progress in financial transparency

NEW YORK, May 24,2017 /PRNewswire/ — The Government of Panama, in partnership with the Economic Commission fen- Latin America andthe Caribbean (ECLAC) and the Organization for Economic Cooperation and Development (OECD), today organized a high-level side event at the United Nations titled “Financing, Tax Cooperation and Transparency: A Balancing Act fra Developing Countries” featuring Panama’s Vice President and Minister of Foreign Affairs Isabel de Saint Malo, Finance Minister Dulcidio de la Guardia, Deputy Secretary General of the United Nations Amina J. Mohammed, Chief of the ECLAC’S economic division Daniel Titleman, and Director of the OECD’s Centre for Tax Policy and Administration Pascal Saint-Amans.

During the event, the Panamanian Vice President highlighted the need to strike a balance that rakes into account the different economic characteristics of each country raid the need to ensure financial transparency, while protecting the resources that fund Sustainable Development Gcals, “Foreign Direct Investment (FDD is widely recognized as a pivotal source of funding fra the Addis Ababa Agenda, and developing countries need to brave the tools to attract it. Substantial, well-implemented tax incentives can be one of those took,” said Vice President Isabel de Saint Malo during the event She also emphasized.that Panama has met all transparency standards and that the President Varela Administration continues to work relentlessly to comply with international expectations.

Daniel Titleman, Chief of die ECLAC’S economic division, continued to underline the importance of FDI, specifically in developing countries. He stretched the importance of designing effective and specific incentives that enhance FDI with substance and regional cooperation. At the same time, Pascal Saint-Amans, Director, Centre for Tax Policy and Administration of the OECD, said that the implementation of transparent incentives that encourages value creation in transfer of technology and creation of employment; can be a useful tool in financing the SDGs agenda.

“I want to congratulate Panama fra die fantastic efforts deployed in regards to rax transparency, including its participation in the Global Forum, the adoption of BEPS, and fra its commitment to being an active and engaged global actor in this space,” said Director Saint-Amans during his interventioa

Received by NSD/FARA Registration Unit 02/28/2018 2:32:01AM Received by NSD/FARA Registration Unit 02/28/2018 2:32:01AM BELLWETHER iriAiicic coflnuiiCAiiom a«o c d t i ui y • n fi Deputy Secretary General of the United Nations, Amina J. Mohammed, emphasized the importance of having an inclusive discussion on tax issues. “Not being members of the OECD, for instance, means developing countries sometimes have difficulty getting their voices heard,” Deputy Secretary Mohammed pointed out. She also commented on the need to address transparency issues from a global perspective.

The Panamanian Minister of Economy and Finance, Dulcidio de la Guaidia, finalized by saying “Tax incentives are a powerful tool for developing countries, in particular for countries that have limited financial resources. They level the playing field, where all countries can thrive under the same conditions to achieve SDGs,”

The event concluded with a discussion of the different challenges laced by different Member States in different regions of the workL The participantsall thanked Panama for bringing forward a timely discussion about this crucial matter.

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