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### Viewing cable 05QUITO2854, 2005-2006 INTERNATIONAL NARCOTICS CONTROL STRATEGY

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
05QUITO2854 | 2005-12-15 19:07 | 2011-05-02 00:12 | UNCLASSIFIED | Embassy Quito

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

` `

    UNCLAS SECTION 01 OF 02 QUITO 002854

    SIPDIS

    STATE FOR INL, INL/LP, WHA/AND
    JUSTICE FOR OIA AND AFMLS
    TREASURY FOR FINCEN AND EB/ESC/TFS

    E.O. 12958: N/A
    TAGS: SNAR PGOV EFIN KJUS KCRM KHLS KTFN EC
    SUBJECT:  2005-2006 INTERNATIONAL NARCOTICS CONTROL STRATEGY
    REPORT (INCSR) - ECUADOR - MONEY LAUNDERING SECTION

    REF: STATE 210351

    Ecuador's new comprehensive law against money laundering was
    published in the Official Register on October 18, 2005.  The new
    law criminalizes the laundering of illicit funds from any source
    and penalizes the undeclared entry of more than $10,000 in cash.
    The law calls for the creation of a financial intelligence unit
    (FIU) under the purview of the Superintendency of Banks.
    Regulations for application of the law and establishment of the
    FIU have not yet been developed.
    With a dollar economy and a geographical situation between two
    major drug producing countries, Ecuador is highly vulnerable to
    money laundering but is not considered an important regional
    financial center.  Because there has been no effective control of
    money laundering until now, there is no way to judge confidently
    the magnitude of such activity in the country.  In addition to
    concerns about illicit transactions through financial
    institutions, there are some indications that money laundering is
    taking place through "normal" commercial activity.  Recurrent
    detections of large amounts of unexplained currency entering and
    leaving Ecuador indicate that transit and laundering of illicit
    cash are also significant activities.  Though smuggled goods are
    regularly brought into the country, there is no evidence that
    they are significantly funded by drug proceeds.
    A free trade zone law was passed in 1991 in order to promote
    exports, foreign investment and employment.  The law provides for
    the import of raw materials and machinery free of duty and tax;
    the export of finished and semi-processed goods free of duty and
    tax; and tax exemptions for business activities in the government-
    established zones.  Free trade zones have been established in
    Esmeraldas, Manabi and Pichincha provinces, and a new zone is
    planned for the site of the new Quito airport.  There is no known
    evidence to indicate that the free trade zones are being used in
    trade-based money laundering.
    The Narcotics and Psychotropic Substance Act of 1990 (Law 108)
    criminalized money laundering activities only in connection with
    illicit drug trafficking.  Regulations issued pursuant to Law
    108, the 1994 Financial System Law, and a 1996 Banking
    Superintendency Resolution require financial institutions to
    report to the National Drug Council (CONSEP) any transaction in
    cash or stocks over $5,000, as well as suspicious financial
    transactions. Mutual societies are required to report
    transactions of $5,000 and above. Financial cooperatives must
    report transactions of $2,000 and higher. Electronic reporting of
    this information was implemented in 1999. Banks operating in
    Ecuador are required to maintain financial transaction records
    for six years. There are no due diligence or banker negligence
    laws that hold individual bankers responsible if their
    institutions launder money. However, a bank's board of directors
    can be held legally responsible if drug money laundering occurs
    in their institution.
    Some existing laws may conflict with the detection and
    prosecution of money laundering. For example, the Bank Secrecy
    Law severely limits the information that can be released by a
    financial institution directly to the police as part of any
    investigation, and the Banking Procedures Law reserves
    information on private bank accounts to the Banking
    Superintendency. In addition, the Criminal Defamation Law
    sanctions banks and other financial institutions that provide
    information about accounts to police or advise the police of
    suspicious transactions if no criminal activity is proven.
    As a result of this contradictory legal framework, cooperation
    between other Government of Ecuador (GOE) agencies and the police
    has fallen short of the level needed for effective enforcement of
    money laundering statutes. Other problems conflicting with an
    anti-money laundering regime include the absence of regulations
    requiring financial institutions to exercise due diligence and
    the weak regulation of currency exchange businesses (casas de
    cambio).
    As a result of these shortcomings, during the past five years
    there have been no serious investigations of drug money
    laundering in Ecuador.  Without solid financial intelligence, it
    is impossible to estimate accurately the extent and nature of a
    money laundering problem in Ecuador.  It is not known to what
    extent money laundering may be related to narcotics proceeds, or
    may be generated by other crimes such as contraband smuggling,
    illegal migration, corruption, bank fraud, or terrorism.
    The need to develop regulations and establish agencies to
    implement the new money laundering law implies that it will be
    several months, at least, before effective action can be taken to
    remedy this situation.
    Several Ecuadorian banks maintain offshore offices. The
    Superintendency of Banks is responsible for oversight of both
    offshore and onshore financial institutions. Regulations are
    essentially the same for onshore and offshore banks, with the
    exception that offshore deposits no longer qualify for the
    government's deposit guarantee. Anonymous directors are not
    permitted. Licensing requirements are the same for offshore and
    onshore financial institutions. However, offshore banks are
    required to contract external auditors pre-qualified by the
    banking Superintendency. These private accounting firms perform
    the standard audits on offshore banks that would generally be
    undertaken by the Superintendency in Ecuador. Bearer shares are
    not permitted for banks or companies in Ecuador.
    The Ministry of Foreign Affairs, Superintendency of Banks and the
    Association of Private Banks formed a working group in December
    2004 to draft a law against terrorist financing.  By year-end
    2005, a draft law had been completed and sent to the Presidency
    for review.  Pending promulgation of a new law, terrorist
    financing has not been criminalized in Ecuador. The Banking
    Superintendency has cooperated with the USG in requesting
    financial institutions to report transactions involving known
    terrorists, as designated by the United States as Specially
    Designated Global Terrorists pursuant to E.O. 13224 (on terrorist
    financing) or by the UN 1267 Sanctions Committee. No terrorist
    finance assets have been identified to date in Ecuador. The
    Superintendency would have to obtain a court order to freeze or
    seize such assets in the event they were identified in Ecuador.
    Ecuador has ratified (26 June 2004) the UN International
    Convention for the Suppression of the Financing of Terrorism.
    No steps have been taken to prevent the use of gold and precious
    metals to launder terrorist assets. Currently, there are no
    measures in place to prevent the misuse of charitable or non-
    profitable entities to finance terrorist activities.
    Ecuador is a party to the 1988 UN Drug Convention and has
    ratified (September 17, 2002) the UN Convention against
    Transnational Organized Crime. Ecuador is a member of the OAS
    Inter-American Drug Abuse Control Commission (OAS/CICAD) Experts
    Group to Control Money Laundering. Ecuador is also a member of
    the South American Financial Action Task Force (GAFISUD). Ecuador
    and the United States have an Agreement for the Prevention and
    Control of Narcotic Related Money Laundering that entered into
    force in 1994 and an Agreement to Implement the United Nations
    Convention Against Illicit Trafficking in Narcotic Drugs and
    Psychotropic Substances of December 1988, as it relates to the
    transfer of confiscated property, securities and
    instrumentalities. There is also a Financial Information Exchange
    Agreement (FIEA) between the Government of Ecuador (GOE) and the
    U.S. to share information on currency transactions.
    JEWELL

`