Ecuador Makes Strides in Fight Against Corruption, but Challenges Remain

QUITO, ECUADOR - Ecuador has made significant progress in its fight against corruption in recent years, but the country still faces numerous challenges in changing its entrenched corruption culture.

Progress in Anti-Corruption Efforts

The Financial and Economic Analysis (FEA) regulator’s efforts to combat money laundering are one of the most notable developments in the anti-corruption landscape. The FEA has implemented broad regulations to prevent and control money laundering, with clear laws that define industries subject to certain controls.

Promoting ISO 37001 Anti-Bribery Certification

The government has taken a positive step by promoting ISO 37001 Anti-Bribery certification for state-owned companies and some institutions. Additionally, chambers of commerce are encouraging compliance and ethical behavior among their members.

Challenges Remain

Despite these advances, corruption remains deeply ingrained in some institutions, companies, and individuals. “Corruption is a culture that needs to be changed,” said Agustin Acosta Cárdenas, partner at law firm Paz Horowitz. “It’s not just about passing laws or implementing regulations; it’s about changing the way people think and behave.”

Changing the Culture

There are still many challenges ahead in changing the corruption culture. “Common phrases like ’the president might have been corrupt, but at least he built roads that lasted a couple of years’ show how deeply ingrained corruption is,” said Esteban Vivero, attorney at Paz Horowitz.

Need for Ongoing Efforts

As Ecuador continues to grapple with corruption, it is clear that more needs to be done to change the culture and promote ethical behavior. “It’s not just about passing laws or implementing regulations; it’s about changing the way people think and behave,” said Acosta Cárdenas.

Paz Horowitz: A Leader in Anti-Corruption Efforts

Paz Horowitz, a full-service law firm with offices in Quito and Guayaquil, has been at the forefront of anti-corruption efforts in Ecuador. The firm has advised on money laundering prevention and anti-corruption matters, and its attorneys have received certifications in compliance and anti-bribery management.

In conclusion, while Ecuador has made significant progress in its fight against corruption, there is still much work to be done to change the entrenched corruption culture. Ongoing efforts are necessary to promote ethical behavior and ensure a brighter future for the country.