Friday, October 16, 2025.
If You Don’t Investigate, You’ll Never Know
One of the most common questions I hear from clients is: “Do you think my case even has any value? Should I bother investigating this?”
My answer never changes: if you don’t investigate, you’ll never know.
Investigations are like opening doors in a dark hallway. You never know which one leads to the truth until you start turning the handle. Some doors reveal nothing of consequence. Others lead to entire rooms of hidden detail that can redefine the case, the company, or even someone’s future.
That’s why it’s so important to stay disciplined. A good investigator always keeps sight of the primary objective; the “why” behind the assignment. At the same time, we can’t ignore what surfaces along the way. The best findings often appear when we’re pursuing something else entirely. We just have to recognize when a discovery has potential merit and when it’s better to set it aside for later review.
A recent case reminded us of this principle in full.
An employee filed a report about a “minor collision” involving a company vehicle. Nothing about it seemed remarkable at first glance, except for one detail: the report came in several days late. That simple irregularity became the thread we decided to pull.
When we began looking closer, the story quickly changed. The “minor collision” was actually a total loss that happened on a day the employee wasn’t scheduled to work. The car wasn’t where it was supposed to be. There were unauthorized passengers, personal tools loaded in the back, and even a dog in the vehicle. He claimed he was visiting a client, but when we obtained video of the accident and photos of the aftermath, he appeared disheveled, wearing torn clothes, and clearly had not been conducting business.
Those inconsistencies led to deeper background checks, timeline reviews, and financial audits. Before long, the investigation exposed something much larger: a pattern of embezzlement and misuse of company resources that had gone unnoticed for months.
All of it began with one seemingly insignificant “collision.”
That’s the nature of investigation. Sometimes a case begins as a whisper and ends in a revelation. The truth rarely announces itself; it hides in habits, details, and coincidences. Our role as investigators is to listen carefully to those whispers and follow them wherever they lead.
So when clients ask whether their case has value, I remind them: the real value of an investigation lies not in what you expect to find, but in what you discover along the way.
At B.M. Investigations, we believe that every unanswered question deserves light. Because if you don’t investigate, you’ll never know.
Brett Mikkelson
Director, B.M. Investigations, Inc. – Private Investigations in Panama
TOP NEWS and TIDBITS:
Panama Canal to Present New Port Projects to the Market
On October 27, the Panama Canal will present port projects around the waterway, necessary to expand transshipment capacity in the area that is already at its limit, stated the waterway’s administrator, Ricaurte Vásquez.
The development of new ports on both the Pacific side (Corozal) and the Atlantic side (Telfers) is part of the plans being analyzed by the Canal, which also include the construction of a gas pipeline, an initiative that was already presented to the market last September.
Vásquez explained that approximately “21 million containers” move through the Canal, of which “15 million” are transshipped, and the “capacity of the ports” around the waterway “is now practically at its limit.”
“There is a significant opportunity for the Canal because 72% of container ships transiting the Canal call at Panamanian ports, and the need for docking ports is important for the sustainability of the container business,” which is the main activity of the interoceanic waterway, the administrator highlighted.
Panama’s five main ports are located around the interoceanic Canal and are operated through tenders by companies from the U.S., Hong Kong, Taiwan, and Singapore.
The Corozal project, a port with a cost of at least $1.3 billion, was tendered in March 2017 but the process was left void after the prequalified companies did not submit a formal bid.
Last July, Panama’s president, José Raúl Mulino, stated that the construction of a new port on the Pacific side of the interoceanic Canal is an “urgent necessity.”
According to Mulino, the Corozal port “already has a queue of clients established among international cargo users and handlers (…) they are major operators and transporters of significant cargo, and of course, they know more is coming. More cargo, more movement” in the Canal area.
The idea of building new transshipment terminals around the Canal has resurfaced strongly within the framework of the concession transfer process of the Balboa (Pacific) and Cristóbal (Atlantic) ports from the Hong Kong operator CK Hutchison to a consortium made up of the U.S. fund manager BlackRock and Terminal Investment Limited (TiL), the port arm of the shipping giant MSC.
This operation, part of the global sale of more than 40 ports operated by CK Hutchison for approximately $23 billion, has been delayed by China amid a geopolitical struggle with the United States.
In this scenario, other parties have shown interest in participating in CK Hutchison and BlackRock’s global transaction, such as the Chinese shipping giant Cosco or the French CMA CGM, according to specialized press reports.
APAMEC Defines Action Plan to Modernize Panama’s Capital Market
The Panamanian Capital Market Association (APAMEC) presented the priorities that will guide its management over the next two years, focusing on regulatory modernization, technical training, and strengthening the transparency of the financial system.
The announcement was made during the inauguration of the new Board of Directors, led by Patricia Boyd, who stated that the capital market must become “a driver to safeguard the economy and demonstrate to the world that Panama is a reliable, ethical, and secure financial center, where savings are converted into productive investment under clear rules, generating employment, innovation, and competitiveness.”
Among the main actions, APAMEC will sign a training agreement with the Financial Action Task Force of Latin America (GAFILAT) to strengthen technical capacities in the prevention of money laundering, terrorist financing, and the use of virtual assets.
The organization outlined five strategic pillars: promoting a pro-growth regulatory agenda, encouraging market depth through greater corporate participation, fostering continuous education, generating data to guide public-private decision-making, and consolidating coordination with financial system authorities.
Within the first hundred days, the association plans to present its 2025–2027 Strategic Plan, establish working committees, define the training calendar, and begin planning the annual market event.
The new board is composed of Patricia Boyd, President; Andrés Nariño, Vice President; Carlos Henríquez, Secretary; Rafael Montaner, Treasurer; and Andrés Dávila, Board Member. Erwin Thomas and Manuel Torres are also part of the board.
Founded 16 years ago, APAMEC brings together the main players in Panama’s capital market and promotes collaboration with authorities and regional organizations to consolidate a reliable and competitive financial environment.
Panama Adds Cannabis to Official List of Controlled Substances for Medical and Scientific Use
The Ministry of Health (Minsa) has taken a step forward in public health and pharmaceutical regulation. On Thursday, October 16, 2025, the resolution updating the “Official List of Controlled Substances Permitted in the National Territory for Medical and Scientific Use” was published in the Official Gazette, incorporating cannabis (tetrahydrocannabinol) among the authorized substances.
The inclusion of cannabis in this list follows the progressive implementation of Law 242 of October 13, 2021, which regulates the medicinal and therapeutic use of cannabis and its derivatives. This law establishes a legal framework to ensure safe and controlled access to cannabis-based treatments under strict medical and scientific supervision.
According to the Ministry of Health, the measure aims to provide new therapeutic alternatives for patients suffering from chronic diseases, severe pain, epilepsy, and other conditions. It also opens the door to scientific research to expand knowledge about the benefits and risks of this substance.
The resolution published today not only includes cannabis but also reaffirms the Panamanian government’s commitment to responsible regulation of controlled substances, as stated in the document.
The list covers psychotropic substances, narcotics, and chemical precursors, all subject to strict controls to prevent diversion for illicit use. In the case of cannabis, recreational use remains prohibited, and it may only be administered under medical prescription and in specific conditions defined by the health authority.
President Mulino and the OAS Discuss Regional Geopolitical Situation
On Thursday, the President of the Republic, José Raúl Mulino, held a meeting with the Secretary General of the Organization of American States (OAS), Albert Ramdin, during which they addressed the main geopolitical challenges in the hemisphere and the organization’s efforts to promote peace, prosperity, democracy, and non-discrimination in the region.
During the meeting, both agreed on the importance of the upcoming Summit of the Americas, to be held in the Dominican Republic, where Heads of State and Government from the continent will discuss shared political issues, common values, and joint strategies to face current and future challenges in the hemisphere.
President Mulino and the OAS Strengthen Regional Cooperation
Ramdin expressed his support for the celebration of the Bicentennial of the Anfictionic Congress of Panama, scheduled for 2026, highlighting the country’s historic role as a meeting point for the Americas. This event, originally convened by Simón Bolívar, aimed to foster unity and cooperation among the new States of the continent.
As part of the commemoration, Panama will host a Summit of Presidents supported by the OAS, reaffirming its role as a space for regional dialogue and diplomacy.
The Panamanian president also emphasized Panama’s leadership within the Association of Caribbean States (ACS), another integration forum that promotes solutions based on dialogue and cooperation among member countries to strengthen democratic values and regional stability.
Boundaries and Management Category of La Amistad International Park Redefined
The Ministry of Environment (MiAmbiente) issued Resolution No. DM-010-2025, dated October 3, 2025, which redefines the management category and boundaries of La Amistad International Park (PILA), establishing a special legal regime for enhanced protection of this UNESCO-recognized World Natural Heritage site.
With this decision, PILA is officially defined with an area of 126,679 hectares, covering territories in the provinces of Chiriquí and Bocas del Toro. The new resolution replaces the 1988 regulations, updating the park’s boundaries and strengthening its management in accordance with Panama’s international commitments to environmental conservation.
The document establishes that the park will be managed under the National Park category, ensuring the protection of its forest ecosystems, water sources, and unique biodiversity, as well as preserving its ecological integrity across the border with Costa Rica.
According to the Ministry of Environment, the boundary redefinition is based on technical studies and public consultation processes conducted between 2022 and 2024 in nearby communities such as Volcán, Cerro Punta, Boquete, and Río Sereno.
The resolution also highlights PILA’s crucial role in climate change mitigation and adaptation, by protecting river headwaters and water recharge zones that supply multiple communities in the western region of the country.
Created in 1988, La Amistad International Park represents a symbol of environmental cooperation between Panama and Costa Rica and continues to be one of the areas with the greatest ecological wealth and biological value in all of Central America.
Maritime Transport Enters Critical Week: IMO Debates Mechanism to Achieve Net-Zero Emissions
This week, the International Maritime Organization (IMO) began a session considered decisive for the future of global maritime transport, during which member states will seek to define the regulatory framework that will implement the economic and technical measures necessary to achieve net-zero emissions by 2050.
During his opening speech at the second extraordinary session of the Marine Environment Protection Committee (MEPC.ES/2), IMO Secretary-General Arsenio Domínguez emphasized the importance of this week for the organization’s work and noted that the process of turning the 2023 Greenhouse Gas Strategy into binding regulations has been inclusive and comprehensive. He also acknowledged the differences among states regarding the level of climate ambition, economic impact, and support for developing countries.
Domínguez warned that the absence of global regulation would increase the costs of the energy transition and lead to the proliferation of uncoordinated regional or national measures. He highlighted that the Net-Zero Framework, scheduled to take effect in 2027, provides a balanced basis for progress and that no technology or fuel has been excluded as a compliance option.
During his official visit to Panama, held days before this meeting, Domínguez clarified that the economic mechanism being evaluated by the organization “is not a tax,” but a global measure designed to prevent unilateral regulations by countries or regions. “We need global measures so that maritime transport can continue to operate efficiently and avoid more negative, unbalanced implementation,” he said after a conference at the Ministry of Foreign Affairs.
On that occasion, he also referred to the position of the United States, which considers the scheme a carbon tax. He confirmed that the U.S. submitted a document outlining its concerns and emphasized that his role as Secretary-General is to maintain cordial negotiations and seek consensus among the 176 member states.
He also warned that if the IMO does not adopt a global scheme, initiatives like the European Union’s—which has already implemented its own mechanism—will multiply. He explained that dialogue with Brussels includes a commitment that, once global measures take effect, the EU will remove its own.
During his address in London, Domínguez reaffirmed that the energy and digital transition of maritime transport is already underway, and that a common framework is key to avoiding uncertainty and ensuring investments. The committee will meet until October 17 under the presidency of Harry Conway of Liberia, with the expectation of reaching consensus on the economic mechanism and compliance rules of the new net-zero framework.
What Is the IMO’s Net-Zero Framework
The Net-Zero Framework is the new global regulatory architecture for maritime transport aimed at reducing greenhouse gas (GHG) emissions and achieving climate neutrality by 2050. It is the result of the IMO’s 2023 GHG Strategy and will be formally adopted in October 2025, with entry into force scheduled for March 2027.
The system combines two interconnected instruments. The first is a global fuel standard, requiring ships to use progressively cleaner fuels. The second is an economic emissions pricing mechanism, which sets fixed prices for emitted gases and allocates the revenue to a Net-Zero Fund managed by the IMO. This fund will finance innovation, the development of clean technologies, fueling infrastructure, and support programs for developing countries and the most vulnerable states.
The framework will initially apply to ships over 5,000 gross tons, responsible for more than 85% of global sector emissions. Targets will be measured through the Fuel Intensity Index (GFI), which calculates emissions per unit of energy used, including CO₂, methane, and nitrous oxide, under a full fuel lifecycle approach, from extraction to onboard use.
Ships exceeding emission limits must contribute to the fund, while those operating below thresholds may receive rewards or transfer surplus units. Vessels using zero- or near-zero-emission fuels (ZNZ) may access additional incentives. No technology or fuel has been excluded, allowing flexibility during the transition.
The IMO considers this global system essential to prevent regulatory fragmentation and the proliferation of regional taxes, such as the EU Emissions Trading Scheme. Implementation will fall on member states, acting as flag or port states, with the IMO monitoring compliance through a digital registry (GFI Registry).
Overall, the Net-Zero Framework aims to send a clear signal to the energy market, encourage investment in clean solutions, and ensure a fair transition for all countries under a global framework that preserves equitable competition in international shipping.
Key Points of the IMO 2023 GHG Strategy
- Central goal: Achieve net-zero emissions from international shipping by 2050, in line with the Paris Agreement.
- Intermediate targets:
- Reduce total GHG emissions from international shipping by at least 20% (aspirational 30%) by 2030, and at least 70% (aspirational 80%) by 2040, compared to 2008.
- Decrease carbon intensity of shipping (CO₂ per transport work) by at least 40% by 2030 relative to 2008.
- Ensure that at least 5% of energy used in the sector by 2030 comes from zero- or near-zero-emission fuels or energy sources, with an aspirational target of 10%.
- Measures under discussion (October 2025): “basket of measures” including:
- A global fuel standard to reduce GHG intensity.
- A global economic emissions pricing mechanism, with a Net-Zero Fund to finance innovation, energy transition, and support for developing countries.
- Timeline:
- Strategy adopted: July 2023 (MEPC 80)
- Net-Zero Framework approved: April 2025 (MEPC 83)
- Formal adoption: October 2025 (Extraordinary MEPC session)
- Entry into force: March 2027
- Coverage: Ships over 5,000 tons, responsible for more than 85% of sector emissions.
- Importance: The system seeks to prevent unilateral regulations such as the EU mechanism and ensure a globally coordinated energy transition under a single regulatory framework.
