Financial Crime World

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Ecuador Takes Steps to Improve Financial Crime Prevention Measures, According to New Evaluation

QUITO, ECUADOR - Ecuador has made significant progress in implementing measures to prevent financial crime, according to a recent evaluation by the Financial Action Task Force (FATF).

Strong Commitment to Combating Financial Crime

The country received ratings of “compliant” or “largely compliant” on 34 out of 40 technical requirements, indicating a strong commitment to combating money laundering and terrorist financing. The evaluation highlighted Ecuador’s efforts in:

  • Assessing risk and applying a risk-based approach to prevent financial crime
  • National cooperation and coordination mechanisms for combating financial crime
  • Laws and regulations related to money laundering and terrorist financing offenses

Key Strengths

Ecuador received a rating of “compliant” for its laws and regulations regarding:

  • Confiscation and provisional measures
  • Powers of supervisors and law enforcement agencies
  • Financial intelligence units and statistics on financial transactions

Areas for Improvement

However, the evaluation identified some areas where Ecuador needs to improve, including:

  • Regulation and supervision of certain types of businesses (rated “partially compliant”)
  • Transparency and beneficial ownership requirements (rated “partially compliant”)

Government Commitment

Ecuador’s Minister of Economy and Finance stated that the country is committed to continuing to improve its financial crime prevention measures and working with international partners to combat money laundering and terrorist financing. The government has already taken steps to address some of the recommendations identified in the evaluation and will continue to work towards full compliance with FATF standards.

Positive Impact

The evaluation is a significant step forward for Ecuador, which has faced challenges in recent years related to financial crime and corruption. The country’s efforts to improve its financial crime prevention measures are expected to have a positive impact on its economy and reputation, and demonstrate its commitment to transparency and good governance.