What is the meaning of Panama?

Alternative form of Panama (“type of hat”).

Panama weave

Panama hat

large-scale bribery, embezzlement or fraud, where an official provides an advantage to themselves or an associated person or company, resulting in harm to the public

Panama hat

Panama fabric (a loosely woven, light, airy fabric)

Panama hat

basketweave

butterfly

Panama hat

large scale financial fraud

Source: wiktionary.org