The $4 million in counterfeit money recently recovered from a group of new arrivals was intended for distribution in Latin America, with Panama as the hub.
The plan of five Colombians arrested March 26 was to ship money to El Salvador, Ecuador and other countries, but the main target was Panama.
The newly arrived gang rented a small printing press and a house on Tumba Muerto.
The first order was their last, said La Prensa. A Colombian being tracked by  local police agreed to pay between $600,000 and $1.2 million for the $4 million in banknotes depending on the quality.
When police raided the house, they were able to confiscate all of the fake money, but the would be purchaser escaped.
The counterfeiters are in a high-security police cell and police are investigating possible ties to FARC,the Colombian rebel organization
Sources said the police operation began to take shape lin February when they were tipped off that a group of Colombians wanted to enter Panama to make and circulate fake currency