Here is the rewritten article in Markdown format:

Financial Crime Prevention Measures in Ecuador: A Report Card

Ecuador has taken steps to prevent financial crime, but there are still areas that require improvement, according to a recent report. The country’s financial regulatory agency has implemented some of the technical requirements recommended by the Financial Action Task Force (FATF), but there is room for growth.

Highlights from the Report

Assessment of Risk and Application of a Risk-Based Approach

Ecuador has made progress in this area, receiving a largely compliant (LC) rating.

National Cooperation and Coordination

The country has also improved its national cooperation and coordination, earning an LC rating.

Money Laundering Offence

Despite some challenges, Ecuador has implemented measures to combat money laundering, with a PC rating.

Confiscation and Provisional Measures

The country has taken steps to confiscate assets related to financial crime, receiving a PC rating.

Terrorist Financing Offence

Ecuador has also implemented measures to prevent terrorist financing, earning an LC rating.

Areas for Improvement

Non-Profit Organisations

Ecuador’s regulation of non-profit organisations remains a challenge, with an NC rating.

Financial Institution Secrecy Laws

The country’s financial institution secrecy laws have been criticized for being overly restrictive, earning a C rating.

Customer Due Diligence

While Ecuador has made progress in this area, it still needs to improve its customer due diligence measures, receiving a PC rating.

Record Keeping

The country’s record-keeping requirements need to be strengthened, with an LC rating.

Conclusion

Ecuador’s financial regulatory agency is working to address these shortcomings and implement further reforms. The country’s efforts to prevent financial crime are ongoing, and it is expected that the government will continue to take steps to strengthen its anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

Overall Assessment

Ecuador has made progress in implementing FATF recommendations, but there is still work to be done to ensure the country’s financial system is fully protected against financial crime.