BAC Panamá voluntarily joins e-Tax case investigation

BAC Panamá announced its voluntary incorporation into the criminal proceedings and investigations related to the e-Tax case, referred to as "Operation Pandora." This operation is being conducted by the Public Ministry to clarify facts concerning altered tax credits on the e-Tax platform of the General Directorate of Revenues (DGI).

The bank emphasized in a statement that it has not been accused of any criminal charges in this case. Its voluntary participation aims to enhance its direct collaboration with authorities, provide necessary documentation for transaction traceability, and clearly present its actions in acquiring these tax credits. BAC Panamá stated that payments for these credits were made after they were officially accredited and certified on the DGI platform.

BAC Panamá asserts it has a legitimate interest in ensuring any breaches of the tax system are clarified and that confidence in official records is maintained. The bank also clarified that its decision to join the process does not affect its operations, financial stability, liquidity, or the security of its clients' deposits.

"Operation Pandora" revealed a significant corruption scheme within the DGI, where a criminal network systematically manipulated the e-Tax 2.0 computer platform to erase tax records of large companies. This manipulation created false "tax credits," causing an estimated historical patrimonial loss exceeding $40 million to the National Treasury. The investigation has led to raids and the imputation of 16 individuals so far, with authorities seizing high-end vehicles, cash, and financial documents linked to illegal commission payments. The structure involved current and former DGI officials, along with private intermediaries.