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
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 the known funds and the financial activity observed.
Panama Canal Expects to Maintain a 48-Foot Draft and 32 Daily Transits Through December
The rains have improved the outlook for the Panama Canal. The waterway’s administrator, Ilya Espino de Marotta, stated that, for now, it would not be necessary to reduce the 48-foot draft and that 32 daily transits could be maintained at least through December.
“The draft restrictions we had anticipated announcing to further reduce the 48-foot draft appear to be postponed at least until December. We are maintaining those 32 [daily transits], and we believe those 32 can be maintained through December,” she explained. She added that water levels in Gatún and Alajuela lakes have improved.
Espino de Marotta compared the situation with 2023, when more restrictions on the number of vessels had already been imposed by this time of year. “We hope this trend continues, with sufficient rainfall to maintain operations without significant impact,” she said.
The administrator noted that October and November are typically the months with the highest rainfall. If rainfall conditions remain favorable, she expects the Canal will not have to further reduce the number of transits. She clarified, however, that draft restrictions are anticipated during the dry season, when rainfall decreases, although she expressed optimism that the situation experienced in 2024 will not be repeated.
Río Indio Reservoir
Regarding other waterway projects, she highlighted that Río Indio aims to strengthen Canal operations and the Panamanian economy, while also generating employment. She also discussed investor interest in the country’s logistics, energy, and port development sectors, but clarified that she did not participate in the meetings with Blackstone and therefore could not comment on them.
Regarding the industry’s request to increase the number of “green slots,” she stated that the Canal currently maintains one per week. She explained that the mechanism generates interest because it allows vessels to transit without using the traditional reservation system or participating in an auction, adding that a possible expansion remains under evaluation.
President Mulino and Caja de Ahorros Invite International Banking Giants to Finance Projects in Panama Following New York Meeting
President of the Republic José Raúl Mulino participated today in the strategic meeting “Connecting Opportunities,” organized by Caja de Ahorros in New York City. During the event, the bank presented its correspondent banking partners with a liquidity platform designed to finance government contractors and suppliers.
The event provided representatives of major global financial institutions—including JPMorgan, Bank of America, Citibank, Santander, and BBVA—with direct access to the Panamanian president to engage in dialogue about the country’s economic outlook, the strengthening of international financial relations, and the opportunities Panama offers as a strategic platform for investment and business in the region. The event also included the participation of Caja de Ahorros General Manager Andrés Farrugia and senior executives from the institution.
President Mulino emphasized that Caja de Ahorros is a century-old institution, reflecting the strength, prudence, and responsibility with which Panama manages its resources and financial partnerships. The president also addressed the country’s economic situation: “I am neither a populist nor an extremist. In Panama, we are putting our house in order: we are restructuring public finances to ensure strict fiscal discipline, reduce the deficit transparently, and prioritize spending efficiency,” he stated before the financial community, also mentioning the opportunities arising from Panama’s accession to Mercosur.
He stated that Panama is moving forward with plans to launch major infrastructure projects, including Canal-related initiatives involving two new ports and the Río Indio reservoir, aimed at ensuring drinking water supplies for the population and the operation of the interoceanic waterway. He also referred to the government’s drinking water projects, the Panama–David railway, the completion of the fourth bridge over the Canal, the third Metro line and its tunnel, the expansion of expressways, electrical interconnection with Colombia and Ecuador, and upcoming tenders for the Balboa and Cristóbal ports. He indicated that all these projects “will further stimulate the Panamanian economy, together with a strategy to revitalize the housing construction sector.”
The president maintained that Panama’s growth is not a matter of chance: “We closed the first half of this year with robust growth of 6.4%. We are a dollarized economy open to global trade, driven by our strategic geographic location and a resilient services-based model.”
He also emphasized that, beyond its infrastructure, Panama’s most valuable asset for international markets is legal certainty. “The rules of the game are respected. International capital finds in our country a predictable environment protected by a robust legal framework. Panama is a safe harbor for long-term investment,” he stated before leading financial corporations from around the world.
Mulino also highlighted that Panama’s International Financial Center has a banking system regulated under stringent standards of supervision, solvency, and liquidity.
“We have taken decisive steps toward financial transparency, demonstrating through concrete actions our commitment to combating money laundering and terrorist financing. The correspondent banking relationships you maintain with Caja de Ahorros and our financial center constitute the artery through which global trade flows across the isthmus. Deepening this mutual trust is a priority for my government: in Panama, you have a serious and reliable partner,” he emphasized.
Another topic discussed was the government’s investment plan for the coming years, which he described as “ambitious and realistic.” He indicated that all these projects require sound financial structuring, bankability, and strategic partnerships among the public and private sectors and international banks.
However, he clarified that Panama was not traveling to New York to ask for favors, but rather to present first-class business opportunities backed by a sovereign state that honors its commitments and guarantees investment returns.
He explained that the objective is for correspondent banks to actively participate in financing Panamanian infrastructure, issuing sovereign and corporate securities, developing public-private partnerships (PPPs), and providing trade finance. “Caja de Ahorros represents the face of modern state-owned banking; supporting it means supporting the sustainable growth of the nation leading the dynamism in Central America,” he concluded.
The meeting was also attended by the United States Ambassador to Panama, Kevin Cabrera, who stated that the U.S. government supports President Mulino and is promoting the arrival of American investments and companies in Panama, thanks to the country’s economic strength and stability.
For its part, Caja de Ahorros shared its institutional vision as a strategic financial partner of the Panamanian state and highlighted its role in supporting initiatives that contribute to the country’s well-being. Among these initiatives is the structured liquidity platform, designed to facilitate the implementation of priority projects that promote economic growth and strengthen competitiveness, channeling up to $3 billion in financing during its initial phase for government contractors and suppliers.
The institution also highlighted that, between 2021 and 2023, it financed 24 projects totaling B/.646 million, while between 2024 and 2026 it doubled the number of supported initiatives, reaching more than B/.602 million in new financing, reflecting greater sectoral diversification and an increasing capacity to support the country’s strategic priorities.
Finally, General Manager Farrugia stated that these relationships represent a connection with the world that facilitates trade, supports investments, and opens new opportunities for customers and the national economy. “At Caja de Ahorros, we understand that for Panama to grow, the financial ecosystem connecting it to the rest of the world must also grow. Every new investment creates opportunities that require capital, financial services, and new international connections,” he emphasized.
He further noted that the participation of representatives from the international financial community reflects confidence in Caja de Ahorros and interest in continuing to strengthen collaborative ties with Panama, at a time when the national government is pursuing an agenda aimed at promoting competitiveness, economic sustainability, and the comprehensive development of all Panamanians.
Panama to Host Strategic World Economic Forum Summit in October
The President of the Republic, José Raúl Mulino, confirmed from New York that Panama will host the World Economic Forum’s Country Strategy Meeting in late October 2026.
The announcement was made following a working meeting with Marisol Argueta de Barillas, the organization’s Head of Latin America and a member of its Executive Committee, with the aim of assessing the country’s potential and positioning it as a hub for diversified energy, innovation, and resilient logistics.
The high-level meeting, which seeks to consolidate Panama’s role as a global trade corridor, will bring together business leaders and international decision-makers.
Among the senior executives who have already confirmed their attendance are Andrés Gluski, CEO of AES; Vincent Clerc, CEO of A.P. Møller-Maersk; Toby Z. Rice, President and CEO of EQT Corporation; and Niclas Mårtensson, CEO of Stena Line.
The international delegation will be led by Alois Zwinggi, President and CEO of the World Economic Forum, and will develop an agenda that includes direct dialogue with President Mulino and his cabinet of ministers.
According to the discussions held in New York, the summit in Panama will advance a competitiveness agenda focused on water, nature, and the circular economy.
It will also create opportunities for the transformation of local industrial and port clusters, the strengthening of the blue economy, and progress toward plastic circularity, an area aligned with the country’s participation in the Global Plastic Action Partnership (GPAP).
Integration and Investment Opportunities
During the bilateral meeting, Director Argueta de Barillas highlighted Panama’s prominent role in the region in light of the prospects for new investments in the Panama Canal. She also emphasized the trade opportunities arising from the isthmus’s recent accession process to the Mercosur trading bloc, considered the world’s fifth-largest economy.
The meeting, which was also attended by Minister of Canal Affairs José Ramón Icaza and the Director of the Economic Secretariat of the Presidency, Kristelle Getzler, provided the setting for the World Economic Forum representative to extend a formal invitation to President Mulino to participate in the traditional Davos summit, scheduled for January 2027.
Panama’s designation as host of the Country Strategy Meeting reaffirms its strategic platform for attracting Foreign Direct Investment (FDI) in the region, positioning the country as a key setting for consolidating its leadership in logistics, interoceanic connectivity, and sustainable development before major players in the global economy.
“Little Panama Way” Is Now Officially Designated Across Several Streets in Brooklyn
This Thursday, an official ceremony was held to designate several sections of Franklin Avenue in Crown Heights, Brooklyn, New York, as “Little Panama Way.”
The recognition pays tribute to the generations of Panamanians who have helped shape this neighborhood and enrich the city’s cultural heritage. President José Raúl Mulino attended the ceremony alongside the government delegation, which also included leaders of the Panamanian community in New York.
During his remarks, Mulino exclaimed, “Long live Panama!” and emphasized that “although it is thousands of miles from the Isthmus, this street has been Panamanian territory at heart for decades.”
The president dedicated the recognition to the Panamanians who arrived in the 1950s with a suitcase, an accent, and a strong desire to work. “It belongs to those who raised families, opened businesses, founded churches, and shared their sancocho, patí, and music with every neighbor; it belongs to the grandmothers who taught their grandchildren to proudly say: I am Panamanian, I am Panamanian,” he said.
He added that long before an official plaque existed, a Little Panama already existed, and New York City is now simply making it official.
Addressing the new generations of descendants of Panamanians who migrated to the United States, Mulino invited them to contribute their talent to Panama.
“If you have a business, an idea, savings, or a talent, Panama welcomes you. Bring the experience you have gained in New York and turn it into jobs and opportunities in the land of your parents. I am not here to promise what I do not have; I am here to offer you an open door and a government willing to support you,” he told Panamanians residing in New York, estimated at approximately 50,000 people.
During the day’s events, the Consulate of Panama recognized the leadership of Council Member Crystal Hudson and the Panama 507 Roundtable Group, as well as the commitment of the many members of the Panamanian community who have worked tirelessly to make this vision a reality.
The designation of “Little Panama Way” follows the approval of Bill A8904 by the New York State Assembly. At the same time, progress is being made on Bill S9429 in the New York State Senate, which seeks to establish a Panamanian Cultural District—similar to those associated with Italy, while Spain is also in the process of formalizing one—through a plan to centralize Panamanian businesses, restaurants, and activities within “Little Panama Way” in Brooklyn.
Panama Seeks to Further Establish Itself as the New Sports Tourism Destination in Latin America
A time of 2:40:43 was enough for Panamanian Daniel González, a native of Veraguas Province, to win the men’s category of the 42-kilometer marathon featured in the inaugural adidas Panama City Marathon.
The figure is significant. The 42-kilometer course was certified by World Athletics and the Association of International Marathons and Distance Races (AIMS), allowing competitors to use their official times to qualify for the Boston Marathon, a highly prestigious sporting event.
This technical endorsement makes the new Panamanian race an option meeting international standards for runners seeking to record official qualifying times for other events on the global running calendar.
The first edition of the event, organized by Razzpao Latam, had its start and finish at the ATLAPA Convention Center in Panama City.
Thousands of national and international runners took part in the event, which offered 42K, 21K, 10K, and 5K distances, as well as a children’s race.
The course passed through Vía Israel, the Cinta Costera, and the coastal section offering views of the city’s Casco Antiguo, before reaching the Torrijos Carter Bridge at the entrance to the Amador Causeway. Family members, volunteers, partners, and spectators enthusiastically supported the runners at various points throughout the city.
It was the first edition of an international marathon in Panama City, featuring a 42-kilometer course certified by World Athletics and AIMS. The organizers reiterated that this certification allows runners to qualify for the Boston Marathon. The event combined athletic competition with extensive security measures and mass participation by runners.
For the organizers, the sporting event represents a platform for promoting Panama throughout the region. Rina Aguirre, the race director, highlighted that Panama has the conditions to establish itself as a running destination in Latin America.
“Panama has key conditions to establish itself as a prominent running destination in Latin America: modern infrastructure, air connectivity, tourist attractions, and a growing sports community,” Aguirre stated.
The race director further explained that this first edition demonstrates the country’s potential to host international competitions.
“This first edition of the Panama City Marathon demonstrates the country’s potential to host international competitions and continue growing in the sports tourism sector,” she added.
The arrival of participants from different countries also generated economic activity in tourism-related sectors, including hospitality, gastronomy, retail, and entertainment. This dynamic reinforces the connection between sports and local economic activity.
The organizers deployed a comprehensive operation to ensure the orderly running of the event and the well-being of the runners. More than 100 personnel from different security and emergency response agencies participated in the operation.
The agencies involved included the National Police, the Land Transit and Transportation Authority (ATTT), the Institutional Protection Service (SPI), and the Municipal Police, along with other support teams.
The event combined competition, entertainment, and sportsmanship, bringing together runners of different levels and ages. This combination turned the inaugural edition into a celebration of running in Panama.
Razzpao Latam expressed its appreciation to the runners, volunteers, sponsors, strategic partners, and authorities who contributed to the development of the competition.
The organization stated its intention to continue expanding the event in future editions.
With the conclusion of its inaugural edition, the adidas Panama City Marathon marks the beginning of a new chapter for running in the country. The event, organizers stated, lays the foundation for becoming a benchmark competition for both national and international runners.
