Effectiveness in the Prevention, Detection and Eradication of Money Laundering in Ecuador

Abstract

Currently, money laundering plays a crucial role for organized crime, as it enables them to maintain a constant cycle of illicit gains and perpetuate criminal activities. Therefore, it is essential to analyze the "Effectiveness in the Prevention, Detection, and Eradication of Money Laundering in Ecuador" through the statistics contained in the 2023 Mutual Evaluation. This analysis is indispensable to determine if this phenomenon, which negatively impacts society, is being adequately addressed, and to propose viable solutions that align with international standards to combat money laundering and terrorist financing.

Upon examining the statistics, it becomes evident that despite the fact that drug trafficking is the most condemned and significant predicate offense for money laundering, it is not given the same priority in investigations related to money laundering. This situation allows illegal activities to persist in society as they have a continuous source of financing. Thus, combating money laundering is relevant in preventing illicit activities perpetrated by organized crime, safeguarding the integrity of the financial system, combating criminal organizations, and strengthening the rule of law.

Conducting parallel financial investigations alongside predicate offense investigations is crucial to effectively stop crime financing. This approach will curb illegal activities and prevent illicit gains from perpetuating an endless cycle of crimes. Combating money laundering represents a challenge that requires the collaboration of various institutions and the adoption of efficient strategies to protect society and preserve the integrity of the legal and financial system of the country.