Financial Crime World

Financial Crimes Definition in Philippines: An Overview

The Philippine government has implemented various regulatory provisions to address corporate fraud, including the Revised Penal Code, Access Devices Law, Civil Code, National Internal Revenue Code, and Cybercrime Prevention Act. These laws define specific offenses such as swindling or estafa, fraud with access devices, computer-related fraud, and tax fraud.

Authorities Responsible for Investigating and Prosecuting Corporate Fraud

The following authorities are responsible for investigating and prosecuting corporate fraud cases in the Philippines:

  • Multiple provincial and national prosecutors
  • Prosecution Division of the Bureau of Internal Revenue
  • National Bureau of Investigation
  • Philippine National Police

These authorities have the power to conduct interviews, summon witnesses, and investigate preliminary investigations and trials.

Key Laws Governing Financial Crimes

The following laws define specific offenses related to financial crimes:

Revised Penal Code

  • Punishes acts of swindling or estafa (obtaining property or money through false pretenses, fraudulent means, or deceitful acts)
  • Defines obtaining property or money from another through false pretenses, fraudulent means, or deceitful acts as a crime punishable by law.

Access Devices Law

  • Prohibits the unauthorized use of access devices such as credit cards and ATMs
  • Punishes individuals who use access devices without permission to obtain property or money.

Civil Code

  • Provides for civil liabilities in cases of fraud
  • Holds individuals accountable for damages caused by fraudulent acts.

National Internal Revenue Code

  • Addresses tax fraud
  • Imposes penalties on individuals who evade taxes or file false tax returns.

Cybercrime Prevention Act

  • Penalizes online crimes including computer-related fraud and cyber extortion
  • Regulates the use of digital communication networks and electronic transactions to prevent and punish cybercrimes.

Conclusion

Financial crimes in the Philippines are governed by a range of laws and regulations that aim to prevent and punish corporate fraud. Understanding these laws is crucial for businesses and individuals alike to ensure compliance with regulatory requirements and avoid legal consequences.