Ecuador

New Documents

Basel Institute, Ecuadorian Agency Sign Agreement to Collaborate on Asset Recovery Efforts

The Basel Institute on Governance signed a cooperation agreement with one of Ecuador’s prosecutor’s offices, the Procuraduría General del Estado, on combating corruption, money laundering and other financial crimes.

April 28, 2021

Basel Institute Hosts AML, Anti-Corruption Seminar with Ecuadorian Officials

The Basel Institute held a two-day virtual meeting with Ecuador’s Financial and Economic Analysis Unit, focusing on the country’s efforts to combat corruption and other financial crimes.

February 10, 2021

US, Ecuador Reiterate Commitment to Fighting Financial Crime, Terrorism

February 14, 2020

Swiss Federal Council: Protocol Amending DTA with Ecuador Comes into Force

May 7, 2019

Basel Institute, Ecuador’s FIU Sign Financial Crime Cooperation Agreement

December 7, 2018

News

Weekly Roundup: US Officials Following Danske Bank Investigations, FCPA Ruling May Fuel Money Laundering Cases, and More

China suspects illicit finance through domestic movie industry, U.N. officials find Iran in compliance with nuclear agreement, and more, in this week’s roundup.

August 31, 2018

Weekly Roundup: PDVSA Suspects Arrested In Panama, Wife of UK Banker Challenges NCA, and More

U.S. judge sentences PetroEcuador attorney for laundering bribes, Iran fires central bank chief, and more, in this week’s roundup.

July 27, 2018

Weekly Roundup: US Prosecutors Defend Settlement, Australian Bank Accused of New Breaches, and More

December 15, 2017

Midweek Roundup: Wells Fargo Settles Money Laundering Charges, US Officials Investigate Russian Funds Transfers, and More

November 15, 2017

Midweek Roundup: Societe Generale Investigated for Olympic Bribery, Canadian Casino Tied to Terror Finance, and More

October 4, 2017

Enforcement Actions

0 Items Found

Key Documents

Ecuador Requires STR Reporting, Creates National AML Council (in Spanish)

December 30, 2010

Ecuador Outlines Sanctions for Non-Compliance of AML Laws (in Spanish)

March 1, 2012

Important Facts

  • The U.S. State Department labels Ecuador as a major money laundering country. Located between two major drug-producing countries, Ecuador is a major drug transit country with money laundering frequently committed through trade, commercial activity, and cash couriers. Bulk cash smuggling and structuring are also common activities surrounding the significant transit of illicit cash. In addition, corruption, and a lack of specialized AML expertise in the judiciary, law enforcement and banking regulators hinder Ecuador's efforts to improve AML enforcement and prosecutions. Other persistent money laundering problems in the country are associated with narcotrafficking, real estate transactions, embezzlement, tax fraud, illegal mining, gold smuggling, human trafficking and cross-border commercial activity with Colombia. Despite progress made under President Lenin Moreno’s government, Ecuador needs to implement additional AML/CTF reforms. The country limits law enforcement’s ability to investigate and prosecute money laundering charges against bulk cash smugglers to prove that the money came from illicit activity. The State Department notes that officials under investigation for money laundering frequently flee Ecuador until the statute of limitations expires. Ecuador has suspicious transaction reporting requirements and enhanced due diligence for politically exposed persons. Public officials are laos prohibited from maintaining assets in countries designated as tax havens. In 2020, the country's financial intelligence unit referred 10 possible money laundering cases to law enforcement authorities, though the country does not publicize statistics on money laundering-related prosecutions and convictions.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 13 Substantial :
Partially Compliant : 29 Moderate :
Non-Compliant : 6 Low :

BASEL i

Rank : 84/141
Score : 4.89/10

TRANSPARENCY INTERNATIONAL i

Rank : 93/180
Score : 38/100

Tax Justice Network i

Rank : 120/133
Score : 47/100