Ecuador taken off FATF list identifying countries with partial strategic deficiencies in measures against money laundering and financing terrorism

Attorney General Diego Garcia holds meetings in Amsterdam with heads of the FATF and GAFISUD

Jun 28, 2010, 16:32 ET from Office of the Attorney General of the Republic of Ecuador

QUITO, Ecuador, June 28 /PRNewswire/ -- Prior to the start of the FATF Plenary gathering in Amsterdam, as previously arranged, meetings were held by Ecuador's Attorney General and President of the Consejo Nacional contra el Lavado de Activos (CONCLA - 'National Council against Asset Laundering'), Dr. Diego Garcia, with the President of the Financial Action Task Force (FATF - Spanish acronym, GAFI), Mr. Paul Vlaanderen, Madame Josee Nadeau (Canada), of the Grupo de Revision de las Americas ('Americas Review Group'); and Mr. Jorge Yumi, Delegate of the President of GAFISUD to the FATF Plenary meeting, as well as the coordinators of Argentina, Mexico, Peru, Paraguay and Chile.  At the meetings, Dr. Garcia gave an update on the progress Ecuador has made in the fight against asset laundering.  

Positive result

This Friday (June 25) it became known unofficially that the FATF has decided to move Ecuador from the list of countries with serious strategic deficiencies in measures against asset laundering and financing terrorism, to a second list of countries with "overall improvements."  ("Improving Global AML/CFT Compliance: On-going Process").  It has also been recognized that Ecuador has undertaken a high-level political commitment (adopted by CONCLA), and has demonstrated progress in improving its regime of fighting asset laundering and the financing of terrorism.  With regard to certain strategic deficiencies that it still has, it has been recognized that Ecuador has a plan of action that will enable it to address these deficiencies, and that it will continue to take steps to solve these problems.  

Ongoing plan against Asset Laundering  

At the meetings held in Amsterdam, Attorney General Garcia commented on activities undertaken and the progress achieved thus far by Ecuador through application of the Ongoing Plan of Combat Against Asset Laundering and Terrorism Financing implemented by CONCLA.    

Among the actions taken, Dr. Garcia noted the Draft Law Reforming the Law to Suppress Asset Laundering, which was submitted to the President of the National Assembly, the architect Fernando Cordero, on June 4, 2010, and which will be explained by Attorney General Garcia in person to the Assembly's Special Commission on the Economic and Tax Regime and its Regulation and Control, on Wednesday, July 7.

Contact:  Carlos De La Guardia of The DLG Consulting Group, +1-202-320-7158, carlos@delaguardiagroup.com, for the Office of the Attorney General of the Republic of Ecuador

SOURCE Office of the Attorney General of the Republic of Ecuador