UST Faculty of Civil Law Dean Nilo T. Divina presented his paper on “Civil Remedies to Combat Money Laundering and Transnational Crimes” during the International Scientific Congress on Private Law of the Philippines and Spain on June 14, 2016.
Divina, one of the country’s leading experts in commercial law, tackled the Anti-Money Laundering Act (AMLA), the Human Security Act (HSA) and the Terrorism Financing Suppression and Prevention Act (TFPSA) and civil remedies available under them in the three-day international congress that featured legal academics from the Philippines and Spain, held at the Ateneo Professional Schools campus in Rockwell, Makati City from June 13 to 16, 2016.
“Money laundering is a very sophisticated crime and we must be equally sophisticated. Indeed, employing sophisticated high-tech means, money launderers succeeded in hacking the financial system of a central bank, stole US$ 81 million and concealed the dirty origin of the funds through casino activities. Just like that, the owner lost its funds with recovery still uncertain. The guessing game is what is next? Who is next?” Dean Divina said.
To address concerns on the global fight against money laundering and transnational organized crimes, Divina proposed various means to enhance intelligence sharing among countries, and bolster the role of the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) and its offices in tracking down, freezing, restraining and seizing assets related to unlawful activities under the AMLA, HSA and TFPSA.
Other speakers and presenters include keynote speaker Chief Justice Maria Lourdes P.A. Sereno; Ambassador of Spain to the Philippines Luis Antonio Calvo Castaño; retired Justice Jose C. Vitug; and professors of law at Spanish universities such as University of Malaga, University Carlos III de Madrid, and Deusto University.