FATF leaving Ecuador in list of countries that do not cooperate against money laundering

2013-04-02 12:58:30
FATF leaving Ecuador in list of countries that do not cooperate against money laundering

The Financial Action Task Force (FATF), which oversees the fight against money laundering and terrorist financing, left Ecuador in the list of countries with insufficient measures in these areas, said Monday the Attorney General of Ecuador .

In a plenary meeting held last week in Paris, the FATF, an intergovernmental body established in 1989, approved a report that keeps Ecuador in the category of "non-cooperative", according to the Attorney General, representing the Andean nation international processes.

Attorney, Diego Garcia, said that his country's progress in these areas are "undeniable", but said the FATF insisted on the adoption of legislation against money laundering and terrorist financing handled by the National Assembly today.

Garcia said that out of the list is "indispensable" to the unicameral parliament of the Andean nation approve these bills.

The FATF has called on Ecuador that has rules criminalizing terrorism and its financing, and providing for the freezing of assets linked to that crime and money laundering, among other clauses, which is referred to in the bill, according to the attorney.

Along with Ecuador, the FATF placed in its "gray list" to Ethiopia, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, So Tome and Principe, Syria, Tanzania, Turkey, Vietnam and Yemen, according to its website.

Apart from them placed Iran and North Korea in its "black list" because the accused to carry out activities of money laundering and terrorist financing, so called for the UN member retaliating against them.

Last year the president of Ecuador, Rafael Correa, considered unjustified inclusion of his country in the "gray list" of the FATF.

"No we will not tell us what comes or does not say the FATF, another of the many instruments of neocolonialism," said the president, saying that "if I had a single moral, tax havens intervene" in the Caribbean or USA.

The FATF will review the progress made by countries in their lists in its next plenary meeting to be held in June.

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