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Ecuador Takes Bold Steps to Combat Corruption with New Anti-Corruption Measures
QUITO, Ecuador - In a significant move towards transparency and integrity, the government of Ecuador has introduced new anti-corruption measures aimed at promoting ethical behavior among public officials. Presidential Decree No. 4, issued on May 25, 2021, sets out strict guidelines for all public administration entities to implement internal norms and standards to prevent corruption.
A Country’s Long History of Corruption
The decree comes as no surprise, given Ecuador’s long history of corruption, which has worsened during the COVID-19 pandemic. As renowned writer Augusto Monterroso said, “Corruption is a cancer that eats away at the very fabric of society.”
Strengthening Controls and Accountability
Under the new regulations, public officials are now held accountable for their actions, and companies are required to implement integrity programs to mitigate their risks of criminal liability. This move sends a strong message that corruption will no longer be tolerated in Ecuador.
- Public officials are now held accountable for their actions
- Companies must implement integrity programs to mitigate risks of criminal liability
The decree also strengthens controls over public servants, Politically Exposed Persons (PEPs), and those who administer State resources. Additionally, the Comprehensive Criminal Code has been revised to include stricter penalties for corruption-related offenses.
Expert Insights: Benefits of Integrity Programs
Experts believe that implementing integrity programs will not only benefit companies but also the wider community. “Improved quality of products and services, reduced legal and reputational risks, and stronger employee commitment towards a culture of integrity are just a few benefits that companies can expect,” said Fátima Flores Vera, CEO of Siace Consultores.
A Global Effort to Combat Corruption
Ecuador is not alone in its efforts to combat corruption. Many countries in Latin America have implemented similar regulations in recent years, following the recommendations of international organizations such as the Organization for Economic Co-Operation and Development (OECD) and the United Nations Office on Drugs and Crime (UNODC).
A New Path Towards Transparency and Integrity
As Ecuador embarks on this new path towards transparency and integrity, it is clear that corruption will no longer be tolerated. Ecuador’s anti-corruption efforts are a step in the right direction, sending a strong message to both domestic and international investors that the country is committed to doing business with integrity.
References
- Presidential Decree No. 4, May 24, 2021
- Organic Law for the Prevention, Detection, and Eradication of the Crime of Money Laundering and the Financing of Crimes
- Ecuadorian Standards for Good Corporate Governance
- Comprehensive Criminal Organic Code on Anticorruption Matters