Authorities in Costa Rica and Panama are investigating a Costa Rican bank for alleged money laundering and tax evasion involving over $100 million in undocumented transactions, according to a report by Panama’s La Estrella de Panamá newspaper. The probe centers on a network of companies, reportedly controlled by a Costa Rican businessman, that owns the bank and its subsidiary in Panama’s Banking Center. The investigation began in Costa Rica as a tax evasion case involving more than $10 million, uncovering an international web of companies registered in both nations.
La Estrella reported that anti-money laundering authorities identified large transfers between accounts linked to the bank’s Panamanian operations, conducted without clear justification, between March 2023 and December 2024. These transactions, described as multimillion-dollar operations, have raised suspicions of international tax fraud and money laundering. “The reports from competent anti-money laundering authorities have already identified large money transfers between various accounts and related companies. They indicated that these were transfers without clear justification,” the newspaper stated.
Costa Rican authorities suspect the transaction patterns support allegations of tax fraud, while Panamanian officials have submitted reports to their Public Prosecutor’s Office highlighting concerns about the legitimacy of the funds’ origins. The lack of documentation has intensified scrutiny on the bank’s operations.
The investigation reflects Costa Rica’s strengthened efforts to combat financial crimes, as evidenced by its removal from the European Union’s blacklist of non-cooperative tax jurisdictions in January 2025. Meanwhile, Panama continues to face challenges, remaining on the EU’s tax haven blacklist despite exiting the Financial Action Task Force’s gray list in 2023.
Speculation on social media platforms has pointed to Banco BCT as the institution under investigation, though no official sources have confirmed this. Authorities have not disclosed the bank’s name, the businessman’s identity, or whether arrests have been made, as the investigation remains ongoing. The case underscores the complexities of cross-border financial oversight and the commitment of both our country and Panama to address illicit financial flows. Further updates are expected as the probe progresses.
