Malaysia? any idea? piracy is very high in Malaysia pirated CD, software are sell open in shopping centre. many phising site ( bank and etc.) , the server hosted in malaysia.
You mentioned Panama. What were your findings? I know that Panama have a vast hosting infrastructure and your privacy is protected in law, hence its popularity as a tax haven. Are you ruling Panama out now for any particular reason? btw I understand that a lot of warez sites are hosted in Hong Kong.