Ecuador Takes Steps to Strengthen International Cooperation in Fighting Financial Crime
A New Era of Collaboration Against Financial Crime
In a bid to combat corruption, money laundering, and asset recovery, Ecuador’s Financial and Economic Analysis Unit (Unidad de Análisis Financiero y Económico, UAFE) has partnered with the Basel Institute on Governance for a two-day virtual seminar.
Key Topics of Discussion
- Evidence in money laundering cases
- Extinción de dominio – a legal mechanism for non-conviction based confiscation
- International judicial cooperation in asset recovery
Seminar Highlights Collaboration Against Financial Crime
The seminar, which took place from February 2-3, drew in over 150 judicial and law enforcement officials. Opening remarks by UAFE Director General Leopoldo Quiróz, María del Carmen Maldonado, President of the Judiciary Council, and Oscar Solórzano, Head of Latin America at the Basel Institute, highlighted the importance of collaboration in fighting financial crime.
Ecuador’s Progress on Anti-Money Laundering Measures
The seminar comes as Ecuador is set to undergo a Mutual Evaluation by GAFILAT, the regional Financial Action Task Force (FATF) body. The evaluation aims to assess the country’s progress in implementing anti-money laundering and combating terrorist financing (AML/CFT) measures.
Capacity Building and Technical Assistance
The Basel Institute on Governance has provided capacity building and technical assistance in fighting financial crime since 2018 through its International Centre for Asset Recovery (ICAR). A similar agreement is also in place with Ecuador’s Office of the Attorney General.
Conclusion
The seminar marked a significant step forward in strengthening international cooperation in fighting financial crime in Ecuador. With the country set to undergo evaluation, officials are working closely together to ensure that measures are in place to combat corruption and recover stolen assets.