Ecuadorian government strengthens anti-corruption and money laundering controls

The Ecuadorian government has coordinated an agreement between four key institutions to strengthen controls against corruption, money laundering, and other financial crimes. The participating entities include the General Secretariat of Public Integrity, the Financial and Economic Analysis Unit (UAFE), the Superintendency of Banks, and the Internal Revenue Service (SRI).

Through a memorandum of understanding, these agencies aim to enhance information exchange, supervision, and risk management. The initiative also seeks to pursue technical cooperation with the Organization of American States (OAS) to improve regulatory and technological capabilities.

Key objectives of the agreement include the implementation of International Financial Reporting Standards (IFRS), the identification of regulatory gaps, and the advancement of interoperability mechanisms. An Inter-institutional Technical Committee will be formed to oversee the work plan, establishing specific responsibilities, deadlines, and performance indicators to better detect tax evasion and financial irregularities.