Ecuador Black-Listed by GAFI

This week it was announced that Ecuador had been put back on the black list by GAFI, the Grupo de Accion Financiera Internacional, for the first time since 2010 signaling Ecuador as one country of high financial risk.

The main reason for their demotion as stated by the organization is Ecuador’s lack of new legislation criminalizing money laundering for terrorist or other illegal purposes.

The new qualification could be detrimental to certain aspects of Ecuador’s international commerce in that things like Letters of Credit could be made more difficult or complicated to work with.

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