Panamá; Former DGI Deputy Director Faces Detention for Money Laundering; Panama Promotes Sports Tourism; Mulino Seeks International Bank Financing for Panama Projects.

Friday, September 25, 2026. Panama: A View of Panama Built Over 36 Years Welcome to this edition of the BM Investigations Panama Newsletter. Panama is a country that can be difficult to understand from statistics, headlines or a few years of living here. I have had the privilege of calling Panama home for 36 years, arriving in 1990 at a time when the country was emerging from dictatorship and entering an entirely new chapter in its history. Since then, I have watched Panama change—sometimes gradually, sometimes almost overnight. I remember when today’s Punta Pacífica skyline did not exist. I watched Costa del Este develop from what was essentially empty land into one of the country’s most important residential and commercial districts. The same can be said for Santa María and countless other areas that today seem as though they have always been there. Long before Multiplaza became one of Central America’s premier shopping centers, the area was associated with the old Paitilla airport. And I remember doing investigations in Panama before Google, smartphones, social media and online public records, when finding information meant knowing where to go, whom to speak with, which document to request and, very often, simply knowing Panama. Today, we live in an entirely different country. Panama is an international banking, logistics, aviation and commercial center connected to virtually every corner of the world. Information that once took days to locate can sometimes be obtained in seconds, and we are now entering an era in which artificial intelligence is changing how businesses operate, how criminals operate and, inevitably, how investigations are conducted. That history does not mean I know everything about Panama. Nobody does. What it does provide is perspective. After more than three decades working, living, raising a family and conducting investigations here, I have seen many of today’s issues before in different forms. Understanding where Panama came from often provides valuable context for understanding where it is going. That is part of what we hope to accomplish with this newsletter. We want to provide residents, expatriates, businesspeople and visitors with useful information about what is actually happening in Panama, without sensationalism and without pretending that every headline represents the everyday experience of living here. Security will naturally be part of that conversation. Panama has real crime and security challenges, and they should never be dismissed. At the same time, statistics require context. In this edition, we will take a closer look at Panama’s homicide figures—not simply how many homicides have occurred, but why they occurred, the circumstances surrounding them and what those numbers actually mean for an ordinary resident, expatriate or visitor. We will also examine the developing investigation surrounding Panama’s tax authority, the Dirección General de Ingresos (DGI) and the alleged multimillion-dollar tax fraud scheme that has resulted in arrests and an expanding investigation. Beyond the headlines, cases such as this provide important lessons about fraud, internal controls, access to information and the damage that can occur when systems designed to protect an organization are circumvented. But this newsletter will not be exclusively about crime. Panama continues to grow and change at an extraordinary pace. Immigration and investment rules are evolving. Major infrastructure projects continue. The Panama Canal remains at the center of global commerce. New communities are developing, technology is transforming business, and opportunities continue to attract people from around the world. Our goal at BM Investigations is therefore fairly simple: to periodically step back from the noise and provide some useful perspective on Panama, security, business, investigations, investment, everyday developments and occasionally just something interesting about the country we call home. After 36 years here, I have learned one thing with certainty: Panama never stays still for very long. And that is precisely what makes it worth watching. Brett Mikkelson Founder, B.M. Investigations, Inc. – Private Investigations in Panama TOP NEWS and TIDBITS: Former Deputy Director of the DGI Faces Pretrial Detention for Unjustified Enrichment and Money Laundering Judge Liseth Quintero ordered pretrial detention for Maritza Ureña González, former Deputy Director of the Directorate General of Revenue (DGI), for the alleged commission of the crimes of unjustified enrichment and money laundering, involving a total amount of $4,428,287. The charges and request for detention were presented by Senior Anti-Corruption Prosecutor Azucena Aizpurúa, who is leading the investigation. The case originated from a criminal investigation initiated in August 2026, following an audit report prepared by the Office of the Comptroller General of the Republic in May of this year. According to the Public Prosecutor’s Office, the report revealed a significant discrepancy between funds of known origin and those whose origin could not be determined during the audit review. As a result, precautionary measures were imposed on the former official’s assets. The investigation remains ongoing under the supervision of the Anti-Corruption Prosecutor’s Office, in accordance with the principles of transparency and respect for due process. Operation Ureña was apprehended during “Operation Tamías,” led by the Senior Anti-Corruption Prosecutor’s Office in coordination with the Judicial Investigation Directorate (DIJ). The operation was carried out in Cerro Viento, within the district of San Miguelito. During the operation, evidence related to the investigation was also located. The criminal investigation was initiated in August 2026 by the Anti-Corruption Prosecutor’s Office after receiving an audit report from the Office of the Comptroller General of the Republic dated May of this year. According to official information, the Comptroller’s analysis detected a discrepancy between funds of known origin and those whose origin could not be determined. Based on these findings, precautionary measures were ordered against the former official’s assets. In July 2025, the Comptroller’s Office ordered precautionary measures against Ureña’s assets totaling $432,152.83, after a forensic audit detected a discrepancy between funds of known origin and the financial transactions analyzed by the agency. According to the ruling, the National Directorate of Investigations and Forensic Auditing determined that Ureña González held funds from identified sources totaling $576,991, including initial bank balances. However, the analysis determined that the total resources used—including investments, disbursements, and bank balances—amounted to $1,009,143.83, resulting in a discrepancy of $432,152.83 between