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FATF Identifies Best Practices for AML/CFT in Ecuador

The Financial Action Task Force (FATF) has released a report highlighting best practices for anti-money laundering and counter-terrorist financing (AML/CFT) measures in Ecuador. The report, published by the FATF’s regional body, GAFILAT, assesses the country’s efforts to prevent financial crime and identifies areas for improvement.

Overview

Ecuador is a member of GAFILAT, which coordinates AML/CFT efforts among its 35 member countries in Latin America and the Caribbean. The mutual evaluation process, led by GAFILAT, evaluates Ecuador’s implementation of FATF Recommendations, including measures to prevent money laundering, terrorist financing, and other illicit activities.

Best Practices

The report identifies several best practices implemented by Ecuador, including:

• Strengthened customer due diligence requirements for financial institutions
• Improved reporting mechanisms for suspicious transactions
• Enhanced cooperation with international partners to share intelligence on AML/CFT

Areas for Improvement

However, the report also highlights areas where Ecuador needs to improve, such as:

• Enhancing the effectiveness of its Financial Intelligence Unit (FIU)
• Improving the regulation and supervision of non-financial businesses and professions
• Increasing public awareness of AML/CFT risks

Recommendations

The FATF recommends that Ecuador address these gaps by implementing more effective measures to prevent financial crime and protect its financial system.

Availability

The full report is available on the GAFILAT website in Spanish only.