Ecuador’s Fight Against Financial Crime Intensifies

A new era of integrity is sweeping across Ecuador, with the government introducing stricter regulations to combat corruption and financial crime. In a bid to promote transparency and accountability, President Guillermo Lasso Mendoza has issued Presidential Decree No. 4, outlining new standards for ethical behavior in public administration.

Implementing Integrity Programs

According to Fátima Flores Vera, CEO of Siace Consultores, implementing an integrity program can bring numerous benefits to companies, including:

• Improved product quality
• Reduced risk of embezzlement and legal risks
• Increased employee commitment to a culture of integrity

Strengthening Regulations Against Money Laundering and Corruption

The Ecuadorian government has taken steps to strengthen regulations against money laundering and corruption. The Comprehensive Criminal Code (Código integral Penal) section on “fighting against corruption” requires companies to mitigate their risks of criminal liability through the execution of integrity programs.

Ecuador’s Approach to Combat Financial Crime

By introducing stricter regulations and promoting integrity programs, Ecuador is taking a significant step towards reducing financial crime and promoting transparency and accountability. The move is likely to have a positive impact on the country’s economy and reputation, and serves as an example for other countries to follow.

Key Highlights:

• Presidential Decree No. 4 introduces new standards for ethical behavior in public administration
• Public entities must create internal norms to implement the decree, with measures such as sanctions for non-compliance
• Companies can benefit from implementing integrity programs, including improved product quality and reduced risk of embezzlement and legal risks
• The Ecuadorian government has strengthened regulations against money laundering and corruption through the Comprehensive Criminal Code and Ecuadorian Norms for Good Corporate Governance