In June 2016, Ecuador promulgated the Law of Prevention,
Detection and Eradication of the Crime of Asset Laundering and the
Financing of Crimes ("Law"), which is a new version of
the previously repealed Law Against Asset Laundering that was
promulgated in 2005, which created the Financial Analysis Unit
– UIF, and that was later re-named the Law of Prevention,
Detection and Eradication of the Crime of Asset Laundering and
Financing of Crimes, and under which the Financial Analysis Unit
– UAF was created. The new Law went into effect on July 21,
and implements the following principal changes to the previous
anti-money laundering ("AML") regime:
- The Financial Analysis Unit –
UAF was modified to become the Financial and Economic Analysis Unit
("FEAU"), which is now an entity with administrative,
financial and operational autonomy, attributes that the UAF
previously lacked. The FEAU is responsible for enforcing compliance
with the Law and is authorized to initiate and
