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Ecuador’s Anti-Money Laundering Efforts Receive Mixed Review in Latest FATF Evaluation
Quito, Ecuador - A Mixed Bag for Anti-Money Laundering Efforts
Ecuador’s efforts to combat money laundering and terrorist financing have received a mixed review from the Financial Action Task Force (FATF), with some areas deemed compliant or largely compliant while others require significant improvement.
Key Findings
According to the latest mutual evaluation report released by the FATF, Ecuador has made progress in implementing the technical requirements of its anti-money laundering laws. The country was found to be compliant in several key areas, including:
- Confiscation and provisional measures related to money laundering
- Powers of supervisors and law enforcement agencies
However, Ecuador also faced criticism for being partially compliant in other areas, including:
- Regulations regarding correspondent banking
- Handling of politically exposed persons
Additionally, Ecuador was found to be non-compliant in several key areas, including:
- Failure to implement adequate measures to prevent the misuse of new technologies
Areas for Improvement
The report highlights several areas where Ecuador needs to improve its anti-money laundering laws and practices. These include:
- Strengthening customer due diligence requirements for financial institutions
- Improving record-keeping systems
- Enhancing cooperation with international partners to combat terrorist financing
Finance Minister’s Response
Ecuador’s finance minister expressed disappointment at the mixed review, but vowed to take immediate action to address the identified shortcomings. “We recognize that there is still much work to be done to ensure our anti-money laundering laws are robust and effective,” said the minister. “We will work closely with international partners and domestic stakeholders to implement the necessary reforms and strengthen our financial sector.”
Conclusion
The FATF evaluation report provides a critical assessment of Ecuador’s compliance with international standards for combating money laundering and terrorist financing. The report serves as a roadmap for Ecuador to improve its anti-money laundering laws and practices, ensuring that the country remains in line with global best practices.