ECUADOR TAKES STEP FORWARD IN COMBATING FINANCIAL CRIME WITH INTERNATIONAL COOPERATION
Strengthening International Cooperation Against Financial Crime
A two-day virtual seminar hosted by Ecuador’s Financial and Economic Analysis Unit (Unidad de Análisis Financiero y Económico, UAFE) in partnership with the Basel Institute on Governance has brought together over 150 judicial and law enforcement officials to discuss critical issues of corruption, money laundering, and asset recovery.
The Seminar’s Focus
The seminar, held on February 2-3, came at a crucial time as Ecuador undergoes its Mutual Evaluation by GAFILAT, the regional Financial Action Task Force (FATF) body. The event aimed to strengthen international cooperation in combating financial crime, with key topics of discussion including:
- Evidence in Money Laundering Cases: Experts shared insights on how to effectively gather and present evidence in money laundering cases.
- Extinción de Dominio: A legal mechanism for non-conviction based confiscation was explored as a potential tool for Ecuador to recover more stolen assets.
- International Judicial Cooperation in Asset Recovery: Officials discussed strategies for effective international cooperation in asset recovery.
Regional and International Expertise
Experts from the region and beyond shared their insights, with:
- Marcial Páucar, Provincial Criminal Prosecutor in Lima and Associate Professor of the Peruvian Academy of the Judiciary, leading discussions on evidence in money laundering cases.
- Oscar Solórzano, Head of Latin America at the Basel Institute, and Hamilton Castro, Provincial Prosecutor in Lima specialized in Extinción de dominio, exploring the potential of this legal mechanism to help Ecuador recover more stolen assets.
Strengthening Cooperation
The seminar marked a significant milestone in the close cooperation between UAFE and the Basel Institute on Governance. The two organizations have been working together since November 2018 through the International Centre for Asset Recovery (ICAR) and regional office in Peru, providing capacity building and technical assistance in fighting financial crime and recovering assets derived from corruption, money laundering, and related acts.
This cooperation has also led to agreements with Ecuador’s Office of the Attorney General. The partnership has already borne fruit, with recent training courses on Financial Investigations and Asset Recovery and Advanced Operational Analysis conducted by ICAR in Ecuador. These efforts aim to equip law enforcement officials with the necessary skills to combat financial crime effectively.
Conclusion
As Ecuador continues its fight against corruption and money laundering, international cooperation will play a vital role in its success. The seminar marked an important step forward in this endeavor, bringing together experts and officials from across the region to share best practices and strengthen collaboration in combating financial crime.