I think it has less to do with fiscal paradise, since that's probably not overly correlated with fraud, but rather the fact that it's a country of 3.5 million p

I think it has less to do with fiscal paradise, since that's probably not overly correlated with fraud, but rather the fact that it's a country of 3.5 million people. That means there's little to no incentive to support transactions from Panama - so it tends to be blocked by default along with most other countries you're not likely to get sales from.