Financial Crime World

Ecuador’s Financial Crime Epidemic: A Call to Action Against Corruption, Money Laundering, and Asset Recovery

A Timely Reminder for Cooperation in Tackling Financial Crimes

In a two-day virtual seminar held on February 2-3, the Financial and Economic Analysis Unit (UAFE) of Ecuador and the Basel Institute on Governance shed light on the critical issues plaguing the South American country: corruption, money laundering, and asset recovery. The seminar was attended by over 150 judicial and law enforcement officials from across the region.

Key Takeaways

  • Evidence in Money Laundering Cases: Marcial Páucar, Provincial Criminal Prosecutor in Lima and Associate Professor of the Peruvian Academy of the Judiciary, led a discussion on the importance of evidence in money laundering cases.
  • Extinción de Dominio: A legal mechanism for non-conviction based confiscation was highlighted as a potential tool to help Ecuador recover more stolen assets.
  • International Judicial Cooperation in Asset Recovery: Oscar Solórzano, Head of Latin America at the Basel Institute, led a discussion on best practices and strategies for effective collaboration.

Building Capacity and Collaboration

The Basel Institute on Governance has been working closely with UAFE since November 2018 through its International Centre for Asset Recovery (ICAR) and regional office in Peru. This partnership has provided capacity building and technical assistance to Ecuador’s law enforcement agencies in fighting financial crime and recovering assets derived from corruption, money laundering, and related acts.

A Commitment to Addressing Financial Crimes

Ecuador’s Office of the Attorney General also has a similar cooperation agreement with ICAR, underscoring the country’s commitment to addressing its financial crime crisis. As the country prepares for its Mutual Evaluation by GAFILAT, it is essential that it continues to build on partnerships and collaborations such as this to ensure effective implementation of anti-money laundering and asset recovery measures.

Moving Forward

The seminar serves as a reminder of the need for cooperation in tackling financial crimes. By building on existing partnerships and collaborations, Ecuador can take a significant step towards addressing its financial crime epidemic and recovering stolen assets.