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Ecuador’s Efforts to Prevent Terrorist Financing Face Scrutiny

A recent evaluation by the Financial Action Task Force (FATF) has highlighted Ecuador’s progress in implementing measures to prevent terrorist financing. While the country has made significant strides, there are still areas that require improvement.

Compliance with FATF Recommendations

According to the report, Ecuador is:

• Largely compliant with FATF Recommendations R.1 and R.2, which focus on assessing risk and applying a risk-based approach, as well as national cooperation and coordination.
• Compliant with FATF Recommendations R.3, which pertains to the definition of a money laundering offense, and R.20, which deals with the reporting of suspicious transactions.
• Partially compliant with R.6, which concerns targeted financial sanctions related to terrorism and terrorist financing.

Areas for Improvement

The evaluation also noted that Ecuador:

• Is still working on implementing effective measures to prevent the misuse of new technologies, such as cryptocurrencies, for terrorist financing purposes.
• Needs to improve its regulation and supervision of:
  • Financial institutions
  • Designated non-financial businesses and professions (DNFBPs)
  • Cash couriers

Importance of Strengthening AML/CFT Regime

Ecuador’s progress in implementing FATF Recommendations is crucial in preventing the misuse of its financial system by terrorist organizations. The country must continue to work towards strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime to ensure that it remains a safe and secure place for international financial transactions.

Accessing the Full Report

The full report can be accessed on the FATF website, providing a comprehensive overview of Ecuador’s strengths and weaknesses in preventing terrorist financing.