Colombia’s Banking Fraud Scene

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Fabio Humar is the Director of the firm Fabio Humar Abogados. With over 10 years’ experience in financial criminal litigation and white collar crimes, Fabio’s experience is supported by an interdisciplinary team with more than a decade in public positions, among them Delegate Prosecutor for Financial Crimes. He speaks with Lawyer Monthly about how he tackles his cases, how Colombia tackles financial crime and his predictions for Cryptocurrency.

 

What are the first three things you consider when you begin to tackle a new criminal law case?

I always begin with the premise that my client deserves the best defence, and we insist on providing just that. I also consider the political or social factors that can influence the defence environment. Finally, I analyse my client’s willingness to actively collaborate with the defence. The client trusts us to manage the case, but we must trust him to give us all of their strategic collaboration in our representation.

 

What has been the most challenging criminal law case you have litigated on and why? How did you overcome these challenges?

The most challenging case I have been involved in is known in Colombia as the “Interbolsa” case. This is the country’s largest financial scandal in the last three decades, with ramifications extending to all sectors of the country. In this case I represented more than a hundred victims, and I’ve had to face challenges that I never imagined, which me and my team successfully overcame.

 

How has Bitcoin and Cryptocurrency changed financial crime? Do you think we will see more issues to tackle in the future?

Without a doubt, cryptocurrencies are an important advance at a technological and financial level. However, they do facilitate money laundering and even payment of extortion and other illicit activities.

I’m not optimistic. Reality is usually years ahead of legal regulations, and I do not see how they can be regulated except by prohibiting them, which would be foolish, because new ways to fill those spaces will always arise. We will have to see what the future brings, but we must be clear: technological advances cannot be limited on the argument they pose risks. Risks must be managed, and development and progress allowed.

 

On the topic of banking fraud, what do you think could be done in Colombia to tackle the crime?

Colombia has adopted the strongest and most solid standards in that area. I have advised more than 12 financial entities in matters of regulation and compliance, with successful results not only in the prevention, but in the prosecution of those who try to use the financial system to commit fraud. We continue to learn every day, and unfortunately criminals are very sophisticated, but with the tools that we have implemented we can say that Colombia has a financial system with up to date Basel and IOSCO regulations.

 

Is there anything you would like to add?

Yes, the law office I manage is up to par with the best in the world. We have very solid and sophisticated practices in legal defense and representation of white collar crime cases. We are an interdisciplinary team, with the best people in each area.

 

Fabio Humar Jaramillo

Director

57-310.228.01.88

fhumar@fabiohumar.com

www.fabiohumar.com

 

Fabio is a bilingual lawyer whose professional practice is in criminal law, with litigation experience in the United States.

He has been a District Attorney for more than 5 years with experience in the financial crimes unit, money laundering and economic order, as well as the copyright unit and individual liberties unit.

He has undergone litigation on criminal law with emphasis on securities, financial, economic and public administration law. He also has strong experience in criminal proceedings of the United States.

 

Fabio Humar Abogados is a firm that offers:

  • Defence against criminal investigations undertaken by the Attorney-General Office, and criminal proceedings underway in courts, tribunals and Supreme Court of Justice.
  • Counseling on prevention of money-laundering, financial and banking fraud.
  • Review of civil and commercial acts and its possible impact on criminal matters.
  • Defence matters in fiscal and disciplinary investigations.
  • Counseling in criminal implications of antitrust and public tender law.
  • Firm assessment on Preventive Criminal Law.

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