Consequences of Financial Crime in Ecuador Take Center Stage at Virtual Seminar

A Joint Effort to Combat Corruption and Money Laundering

The Financial and Economic Analysis Unit (Unidad de Análisis Financiero y Económico, UAFE) of Ecuador joined forces with the Basel Institute on Governance for a two-day virtual seminar to tackle critical issues surrounding corruption, money laundering, and asset recovery. This event took place on February 2-3, coinciding with Ecuador’s Mutual Evaluation by GAFILAT, the regional Financial Action Task Force (FATF) body.

Key Topics of Discussion

• Evidence in Money Laundering Cases: Marcial Páucar, Provincial Criminal Prosecutor in Lima and Associate Professor of the Peruvian Academy of the Judiciary, led a discussion on this topic.
• Extinción de dominio: Oscar Solórzano and Hamilton Castro, Provincial Prosecutor in Lima specialised in Extinción de dominio, presented a legal mechanism for non-conviction based confiscation that has strong potential to help Ecuador recover more stolen assets.
• International Judicial Cooperation in Asset Recovery: Oscar Solórzano led this discussion.

A Fruitful Cooperation

The Basel Institute on Governance has worked closely with the UAFE since 2018 through its International Centre for Asset Recovery (ICAR) and regional office in Peru. This fruitful cooperation covers capacity building and technical assistance in fighting financial crime and recovering assets derived from corruption, money laundering, and related acts.

A Commitment to Combating Financial Crime

Ecuador is taking steps to address the consequences of financial crime, and this seminar marked an important milestone in this effort. The country’s commitment to combating financial crime will have a significant impact on its economy and society as a whole.