COIP includes ‘identified deficiencies’ by the FATF

The criminal code (COIP), which was registered  yesterday in the Official Gazette and shall enter into force in six months, included “all deficiencies identified by the Group of international financial action (FATF)”, which until last year situated the country among those who had problems in the fight against money laundering.

“The texts included in the COIP addressed successfully all deficiencies identified by the FATF and the recommendations of GAFISUD, particularly the proper classification of the crimes of money laundering, terrorism and its financing and the adoption of the respective precautionary measures; the confiscation of funds or assets of the convicted of equivalent value when the access to this type of offence-related property is not possible.

Statements are attributed to Diego García, the State’s Attorney, which are part of a press release issued yesterday by the Attorney General’s Office. The progress of Ecuador on the subject will be known by the FATF plenary this Thursday.

Thirty-three reformatory provisions  to the COIP entered into force yesterday. The Judicial Council must issue the necessary regulations to regulate the structure and functioning of this system. The rest of the code, i.e. 730 articles,  shall become effective within 180 days.