The director of Ecuador’s Financial and Economic Analysis Unit (UAFE), José Neira, stated this Wednesday that the agency has detected approximately $600 million in alleged money laundering cases so far this year.

According to Neira, “these are unusual, unjustified transactions reported to the State Attorney General’s Office,” and he emphasized that the figure is higher than what was detected in previous years, “because the UAFE has increased inspections of entities required to report information by 155 percent.”

In previous operations, the UAFE has reported between $200 and $500 million annually. The recent case, which will reach $600 million by 2025, “and our goal is to reach December reporting $1 billion in alleged money laundering cases,” Neira indicated.

Among the main activities in Ecuador that involve money laundering are mining, the sale of both mid- and high-end vehicles, and the real estate sector. To combat this crime, the “National Solidarity Law” was approved by the National Assembly (Parliament) on June 7. Its purpose is to “combat crime-related economies in the country, which has been hit by the upsurge in violence by gangs linked to drug trafficking.”

M.Pino

Source: xinhuanet

(Reference image source: Colin Watts on Unsplash)

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La entrada Ecuador has detected $600 million in money laundering in 2025 apareció primero en Bitfinance.