Financial Crime World

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Ecuador’s Crackdown on Corruption: A Comprehensive Overview

QUITO, ECUADOR - As part of its efforts to combat corruption, Ecuador has established a Commission for Anti-Money Laundering (Unidad de Análisis Financiero y Económico) to investigate potential crimes related to corruption, bribery, and money laundering.

Economic Crime Laws

Ecuador’s Anti-Money Laundering Act (AMLA) and the Penal Code regulate economic crime. Financial institutions have an obligation to report certain transactions under the AMLA.

Money Laundering and Terrorist Financing Regulation

  • The AMLA and the Penal Code govern money laundering and terrorist financing in Ecuador.
  • The Commission for Anti-Money Laundering is responsible for enforcing these regulations.

Supply Chain Compliance

There are no specific laws or regulations requiring companies to implement supply chain compliance measures in Ecuador. However, companies may choose to implement such measures voluntarily to mitigate risks associated with corruption and bribery.

Entity Closure

The most common way to wind up a company in Ecuador is through dissolution and liquidation. The process involves:

  • Approval from two-thirds of the shareholders
  • Public deed of dissolution and liquidation
  • Filing before the Superintendence of Companies
  • Approval of dissolution by the Superintendence of Companies

Contact Information

For more information on doing business in Ecuador, please contact Ricardo Menendez, Partner at Deloitte Ecuador, at rimenendez@deloitte.com or +593.4.3700100 ext 1234.

Disclaimer

This article is intended to provide general information and does not constitute professional advice. Before making any decision or taking any action that may affect your finances or business, you should consult a qualified professional adviser.

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