Panama

Panama operates the world's largest ship registry by tonnage, with over 9,000 vessels flagged under its banner. The flag-of-convenience system allows ship operators globally to register under Panamanian law regardless of owner nationality, at lower cost and with fewer manning restrictions than most flag states. This makes Panama one of the primary registries through which sanctioned operators, including those moving Iranian crude, route their fleets to obscure beneficial ownership.

In OFAC's 19 May 2026 SDN round, entities registered in Panama were among over two dozen designated across multiple jurisdictions including the UAE, Marshall Islands, Liberia, Nevis, Hong Kong and the UK. The round targeted vessels linked to Iranian oil movements, including ships named BRIGHT GOLD, FEADSHIP, LUNA LUSTER, MIDAS and QUANTUM STAR. The absence of mainland Chinese refineries in this round continued a deliberate pattern from three prior OFAC rounds.

Panama's maritime registry authority, the Autoridad Marítima de Panamá, has cooperated selectively with international sanctions enforcement but faces structural difficulty policing beneficial ownership in a registry of its scale. Repeat designation of Panama-flagged vessels in US sanctions rounds has not substantially altered the registry's attractiveness for evasion.

Panama also competed at the 2026 FIFA World Cup, making their second consecutive appearance. They exited the group stage without a point, losing to Croatia (0-1 on 23 June) and then to England (0-2 on 27 June) in their final fixture. The England match was where Harry Kane scored to reach 11 World Cup goals, surpassing Gary Lineker's record as England's all-time leading scorer at the World Cup finals.