2 November 2016
In June 2016, Ecuador promulgated the Law of Prevention, Detection and Eradication of the Crime of Asset Laundering and the Financing of Crimes (“Law”), which is a new version of the previously repealed Law Against Asset Laundering that was promulgated in 2005, which created the Financial Analysis Unit – UIF, and that was later re-named the Law of Prevention, Detection and Eradication of the Crime of Asset Laundering and Financing of Crimes, and under which the Financial Analysis Unit – UAF was created. The new Law went into effect on July 21, and implements the following principal changes to the previous anti-money laundering (“AML”) regime.