So you have an online casino in mind and you see it's licensed in Panama. Does that mean anything? Based on past events, we would have to say no. There are both good and bad sites licensed by the local authority. You would be better-served judging any operators by their individual track records rather than their licensing status in Panama.
For example, one of our favorite all-around gambling sites (BetOnline) is based out of Panama. However, the reason we like BetOnline has nothing to do with the fact that they have a license from Panama. We like them because they take care of players, process withdrawals, and run an ethical business.
On the other hand, the Gaming Control Board still lists UltimateBet.com as an active licensee. If you're not familiar with Ultimate Bet, they collapsed several years ago after suffering from a major cheating scandal perpetrated by employees of the site. This all went down in 2011 so it's kind of sad to see UB still listed as a licensed poker room.