Panama's Operation Pandora tax fraud scheme implicates bank BAC

Panama's fiscal authority and the Public Ministry have dismantled "Operación Pandora," a five‑year scheme that fabricated tax credits within the e‑Tax system. Investigators identified 42 million dollars in fraudulent credits and arrested 13 individuals, including a tax‑official informant, a lawyer from Apriori, and other officials linked to banks, electricity generators, construction firms and oil companies.

Bank BAC, which purchased millions of these bogus credits, released a statement claiming it acted in "good faith" and that signing contracts for the credits does not make it liable for their content. The bank said it did not create the credits, did not manipulate the system and was merely a victim of the fraud. Authorities have so far recovered about $40 million taken from the state and continue to hold additional suspects under precautionary measures.

The case highlights vulnerabilities in Panama’s tax administration and raises questions about the due‑diligence practices of regional banks dealing with complex fiscal instruments.