Ecuador Takes a Significant Step Forward in Combating Financial Crime

Enhancing Global Efforts Against Money Laundering and Terrorist Financing

In a major development, Ecuador has been recognized for its substantial efforts to identify and assess its risks related to money laundering (ML) and terrorist financing (TF). The latest Mutual Evaluation Report released by the Latin American Financial Action Task Force (GAFILAT) in January 2023 highlights Ecuador’s competent authorities’ good understanding of ML/TF risks.

Progress in Developing a National Risk Assessment

Ecuador has made significant progress in developing and approving a national risk assessment in 2021, which is a crucial step in implementing Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) standards. However, the report also highlights areas where improvement is needed to ensure full implementation of these standards.

Technical Assistance from the EU Global Facility

In response to this challenge, Ecuador’s authorities have requested technical assistance from the EU Global Facility on AML/CFT. A scoping mission was conducted in February 2023, which brought together relevant stakeholders to draft a work programme to support Ecuador’s efforts to improve its national anti-money laundering and counter-terrorist financing framework.

A Major Step Forward in Combating Financial Crime

The move is seen as a major step forward in Ecuador’s commitment to combating financial crime and ensuring that its financial system is secure and transparent. The country’s progress is being closely watched by international experts, who hope that it will serve as a model for other countries in the region.

A Leap Forward in Combating Financial Crime

With this renewed focus on AML/CFT, Ecuador is poised to take a significant leap forward in its efforts to combat financial crime and protect its citizens from the threats of money laundering and terrorist financing.