Cooperative or Credit Union Linked to Suntracs hasn’t been Audited since 2022, Reports IPACOOP
Erika Vargas, executive director of Ipacoop pictured below.
The audit of the Single Union of Construction and Similar Workers (Suntracs) cooperative began in 2022, Erika Vargas pictured above, director of the Panamanian Autonomous Cooperative Institute (IPACOOP), clarified this Wednesday. During an interview, the official explained that, at the beginning of 2025, Ipacoop conducted audits of all 166 registered cooperatives nationwide. However, only 5% did not participate in the process. “Guess who’s in that 5%: Suntracs,” Vargas said, justifying the decision to cancel the cooperative’s legal status.
IPACOOP Orders the SUNTRACS Credit Union to Close due to Suspected Money Laundering
The Panamanian Autonomous Cooperative Institute (IPACOOP) ordered the closure of the cooperative of the Single Union of Construction and Similar Workers (SUNTRACS). This was announced at a press conference on May 20, 2025, from the Presidency of the Republic.
