Operation Pandora: $36 Million in Illegitimate Tax Credits Were Located at BAC International Bank (Panamá)
One of the most sophisticated tax scandals in Panama’s recent history was revealed by the technical report, dated October 9, 2025.
DGI identified via an internal audit that $36.01 million of the $42.4 million in tax credits used by BAC International Bank (Panamá) between 2022 and 2025 were illegitimate. These credits were allegedly created and sold to the bank by an organized criminal network that manipulated the DGI’s E-Tax platform, leading to criminal charges under Operation Pandora.
BAC successfully completed its acquisition of a majority stake in Multi Financial Group (MFG)—the parent company of Multibank—and fully integrated the two entities into a single institution in Panama. Following the regulatory approval from the Superintendency of Banks of Panama, the operational, technological, and commercial merger was officially completed. This consolidation positioned BAC Panama as the second-largest bank in the country’s market, boasting combined assets exceeding US$45 billion and a loan portfolio over US$32 billion.
An internal audit by the General Directorate of Revenue (DGI) concludes that $36.01 million of the $42.4 million in tax credits used by BAC International Bank (Panama) to offset tax obligations between 2022 and 2025 correspond to operations that it considers improper and illegitimate. The investigation specifically analyzed the adjustments identified with the number 394 (Compensation-Assignment) applied in favor of BAC during a period of three years.
