Ecuador Takes Crucial Step in Terrorist Financing Prevention with EU Global Facility Training
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In a significant move to combat money laundering and terrorist financing, Ecuador has launched its first onsite statistics training program in collaboration with the European Union’s Global Facility on Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT).
Training Program Overview
The training aims to equip participants from various national entities with the skills needed to collect, analyze, and present high-quality AML/CFT statistics. The program kicked off on Wednesday and is designed for thirty representatives from government agencies including:
- Financial Intelligence Unit (UAFE)
- Attorney General’s Office
- National Police
- Judiciary Council
- National Court of Justice
- Comptroller General’s Office
- Technical Secretariat for Public Sector Real Estate Management
Importance of the Training
The training is critical for Ecuador’s risk assessment processes and evaluating the effectiveness of its AML/CFT framework. By adhering to FATF standards, jurisdictions can ensure the robustness of their systems and demonstrate their commitment to combating money laundering and terrorist financing.
In his opening remarks, EU Ambassador Charles-Michel Geurt emphasized the importance of anti-money laundering efforts in disrupting criminal networks and preventing illegal activities. He also expressed the EU’s honor in supporting Ecuador’s implementation of GAFILAT recommendations.
Significance of the Event
The event marks a major milestone in Ecuador’s efforts to strengthen its anti-money laundering (AML) and combating financing of terrorism (CFT) framework, which was required by the Financial Action Task Force (FATF) as part of its mutual evaluation process.
According to UAFE Director General Roberto Andrade, having a solid statistical system is essential for the joint work of national entities in preventing, detecting, and eradicating crimes related to money laundering and terrorist financing. The successful implementation of this training program is expected to enhance Ecuador’s ability to prevent terrorist financing and combat money laundering, ultimately contributing to the country’s economic stability and security.
Next Steps
The training program follows a series of online modules on statistics, FATF Immediate Results 7 and 8, police statistics, justice statistics, and seizures and confiscations. The successful implementation of this training program is expected to have a positive impact on Ecuador’s efforts to combat money laundering and terrorist financing in the future.