Panama owns the Panama Canal. Because of the Torrijos Carter Treaties. Signed by Jimmy Carter and Omar Torrijos of Panama on September 7, 1977, this started the process of granting the Panamanians free control of the Canal so long as Panama signed a treaty guaranteeing the permanent neutrality of the Canal. The treaty led to full Panamanian control effective from noon on December 31, 1999, and the Panama Canal Authority assumed command of the canal.