When we think of economic criminal law, we usually only think of crimes that have to do with Wall Street finance and big money. This is because these criminal conducts are more popular, either because of their functional or operational nature, but it is rare to speak from a positive aspect as it is: what protects this type of law. In that sense, in this article we will talk about what economic criminal law protects and its functions.
How is economic criminal law applied?
Economic criminal law is applied in all practices developed by the company, in the operational, technical and administrative areas of the company, since economic crimes can be committed at any stage. So this type of law seeks to mediate the economic relations between the systems of production, distribution and access to goods and services, from the promotion of rules and regulations to ensure stable and healthy markets.
On a practical level, economic criminal law is applied by judges, magistrates, prosecutors, law enforcement agencies, lawyers, business advisors, compliance officers and others. They are in charge of investigating and identifying criminal activities in their areas of operation. Therefore, the integration of these perspectives to the lines of command of a company can be beneficial to solve internal situations without calling into question the reputation of the company.
What assets can be protected by economic criminal law?
There are different types of goods that, although not specified in a regulation, are protected by this branch of law. Among the most important are the legal assets managed by the State, which due to their relevance can be considered public assets. Likewise, all privately owned assets that may be affected in a judicial process are also protected.
Therefore, when applying a perspective of protection in economic criminal lawWe must be clear that this approach works if it is applied on the basis of prevention. In that sense, the importance of including this branch of law in the daily activities of our companies will surely protect much more than insuring assets in an isolated and independent manner.
How to mitigate the risks associated with economic criminal law?
Globalization and new economic networks have led to the creation of new methods of swindling, financial fraud, corruption, etc. That is why economic crime has managed to cross the physical barriers and enter the digital world. So in order to mitigate the risks associated with economic criminal law, we must be clear about the assets to which we want to strengthen security.
In the case of tangible goods, such as real estate, automobiles, and other types of objects, they can be insured by means of insurance policies, transfers to security vaults, registration of rights, among other mechanisms. The important thing is to prove that the property has been acquired legally and that it belongs to the person who wants to insure it.
On the other hand, intangible assets such as cryptocurrencies, NFTs, securities, and other types of digital assets or investment goods. They must be protected through systems created for such purpose, and in this same case, the owner must leave proof, either in their tax returns, that they have the ownership of such assets and that they have been acquired in a legal manner.
How to protect my assets through economic criminal law?
In order to protect assets through economic criminal law, mechanisms associated with inspection or regulatory compliance programs must be created. For example, in the event that a person wants to separate his personal assets from those of his company, he should turn to a lawyer who is an expert in criminal procedures in the area where his activities are being developed. In this case, the lawyer will inspect each of his properties and will establish which are the risks associated to the economic criminal law in which he may be incurring.
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