Economic Criminal Law is a specialty of Criminal Law, which addresses aspects related to criminal risks within financial and commercial activities, that is, it is the branch of criminal law that studies business conduct.
Your company could experience a potential risk linked to financial or commercial relationships that sometimes lead to events related to economic crimes. In this circumstance, it is crucial to know your rights, guarantees and the appropriate strategies to successfully face a criminal process. In this article, we will explain the key aspects to address these cases and protect your interests; since having specialized legal advice makes the difference in the outcome of the process.
What is Economic Criminal Law?
Set of rules that sanction criminal conduct within the economic and financial sphere. These crimes affect economic stability and public order, and include:
- Financial fraud.
- Money laundering.
- Public and private corruption.
- Tax evasion.
- Unfair administration.
- Corporate crimes.
- Falsification of commercial documents.
- Manipulation of the stock market.
Legal framework:
Economic Criminal Law is regulated by national and international regulations. In Panama, economic crimes are defined in the Penal Code, with penalties exceeding 12 years in prison. In addition, there are international treaties and judicial cooperation agreements with other countries to combat transnational financial crimes.
Some relevant national laws:
• Laws and regulations for the prevention of money laundering.
• Regulations of the Superintendency of Banks.
• Regulations of the Superintendency of the Securities Market.
• Regulations of the Superintendency of Insurance and Reinsurance.
• Regulations of the Superintendency of Non-Financial Obligated Subjects.
• Regulations of the Financial Analysis Unit (UAF).
• International agreements on extradition and mutual assistance in criminal matters.
Rights and guarantees:
The following stand out:
- Right to the presumption of innocence: no one can be considered guilty until proven otherwise in court.
- Right to due process: includes access to evidence, an adequate defense, and the right to be heard.
- Right not to self-incriminate: you are not obliged to testify against yourself.
- Right to legal assistance: a specialized lawyer is essential to guarantee an effective defense.
- Right to challenge illegal evidence: if evidence has been obtained fraudulently or without judicial authorization, it can be challenged in court.
Basic strategies in economic crimes:
- Analysis of the theory of the case: determine the facts, the evidence, and the law on a logical basis. The analysis includes developing one’s own theory and deciphering the probable theory of all the participants in the process.
- Identifying the methodology to be used for the investigation: establishing the coherent steps with which an evidentiary foundation can be built.
- Analysis of each act of investigation: verify whether the evidence is obtained lawfully.
- Construction and observation of the expert evidence: prepare correct expert evidence and verify the legality and/or forcefulness of the evidence of the parties.
- Attention to the legal aspects of the attributed criminal type: analyze the criminal intention and other elements of the criminal type (Theory of Crime).
- Negotiation and agreements: in some cases, it is possible to reach agreements with the prosecution.
- Use of expert witnesses: having witnesses specialized in financial matters or auditors who can clarify the facts.
The importance of a specialized lawyer:
An experienced attorney in this field knows the legal mechanisms to defend his client effectively, including:
- Assessing the legal situation and designing a strategy.
- Representing the client in interrogations and hearings.
- Negotiating agreements.
- Protecting the rights of the person under investigation at all times.
- Advising on preventive measures to avoid prosecution and exposure.
Tips if you are involved in an economic crime:
- Stay calm and seek immediate legal advice.
- The presence of your lawyer is essential from the beginning of the process.
- Avoid destroying documents or evidence.
- Gather all relevant documentation for your defense.
- Avoid communicating with witnesses or co-defendants without legal guidance.
- Do not accept agreements or statements without consulting your lawyer.
Facing a process for an economic criminal offense can be complex and challenging. Knowing your rights and having specialized attention is key to achieving the best possible result.
With an appropriate legal strategy and expert representation, it is possible to face an economic criminal investigation with greater chances of success. If you need more information, do not hesitate to contact Evans Group experts at evans@evansgrouplaw.com