Financial Crime World

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Money Laundering in Ecuador: A Research Summary

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Introduction

This research paper examines the cases of money laundering in Ecuador, focusing on the involvement of foreigners and the methods used by individuals to launder money. The study aims to highlight the seriousness of this issue and its economic and social consequences.

Methodology

The study analyzed 63 judgments related to money laundering cases in Ecuador between 2010 and 2017. The data was obtained from the Internal Revenue Service (SRI) and analyzed to identify patterns and trends.

Data Collection

  • The study examined 63 judgments related to money laundering cases in Ecuador.
  • The data was obtained from the Internal Revenue Service (SRI).
  • The analysis focused on identifying patterns and trends in the cases.

Results

The results of the study indicate that:

  • Foreigners were involved in 52% of the money laundering cases, suggesting a significant level of international involvement.
  • Males accounted for 74% of individuals involved in money laundering, with higher sums of money being laundered by males as well.
  • The most common methods used to launder money included:
    • Creating shell corporations and businesses to disguise funds from illegal sources (508 registered shell corporations were found countrywide).
    • Using international airports in major provinces to enter large amounts of cash.

Conclusion

The study highlights the seriousness of money laundering in Ecuador, which has significant economic and social consequences. The authors recommend creating a culture of prevention, setting control and cautionary measures to minimize and eradicate this issue.

References

The paper cites several sources, including:

  • Accountability Report (2019)
  • Andrade (2009)
  • Bareño (2009)
  • Calderón (2017)
  • Cobo (2001)
  • Eslava (2013)
  • Esteban et al. (2012)
  • FINCEN (2017)
  • Fuller (2008)
  • GAFILAT (2017)
  • Gilmour (2015)
  • Hopton (2016)
  • Inter-American Development Bank (2017)
  • Internal Rents Service (2017)
  • Luo (2014)
  • Ministry of Interior (2018)
  • Ministry of Justice (2014)
  • National Assembly of Ecuador (2010)
  • Normah et al. (2014)