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Asset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsOffshore Banking Money TrailAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsWhat is a Qualified Intermediary?FDIC Admits Emergency Bailout May Be NecessarySecond Passport and Second Citizenship ProgramsForex Trading Business Bank Account: Panama and Ecuador Weakest and Strongest USA Banks & Thrifts 08/11/08FDIC Facts and Figures – Not Encouraging 08/14/08Ecuador Trust Account BankingOffshore Banking Money TrailAnonymous No-Name Debit ATM CardAsset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsPanama New Immigration Law: Effective 8/26/08One Compelling Argument to Move Assets Offshore – LawsuitsUBS Swiss Bank Closing Accounts of AmericansWhat is a Qualified Intermediary?Second Passport and Second Citizenship ProgramsPanama New Immigration Law: Effective 8/26/08Panama New Immigration Law: Effective 8/26/08Second Passport and Second Citizenship ProgramsWhy Choose Guatemala?Ecuador BankingEcuador Bank AccountEcuador Trust Account BankingForex Trading Business Bank Account: Panama and Ecuador Ecuador Country ProfileOffshore Banking Money TrailFDIC Admits Emergency Bailout May Be NecessaryWhat Will You Do if the FDIC Fails?FDIC Facts and Figures – Not Encouraging 08/14/08Need an Economic Reason to Leave the USAUS Banks Fail, Depositors Take LossesUBS Swiss Bank Closing Accounts of Americans
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Introduction – Ecuador is a democratic republic located between Peru and Columbia in South America. The country is roughly the size of Nevada with a population of over 14 million people. It consists of 24 provinces. Ecuador is a tropical country and is perhaps best known for the Galapagos Islands, which is a major eco-tourist attraction. Ecuador is also home to Cotopaxi in the Andes Mountains, which is the highest active volcano in world. Ecuador is a major oil producing country and has a dollarized economy attributing to its economic stability. They produce 538,000 barrels of oil per day and their reserves are proved to be 4.72 billion barrels. Ecuador also has very substantial natural gas proved reserves of 9.39 billion cubic meters. Ecuador has a solid economy with 2007 exports over $14,000,000,000. Ecuador maintains an active military with an Army, Navy, Coast Guard and Air Force.
Ecuador Financial Services Sector- Ecuador has 29 banks, 13 investment companies and two stock exchanges, 39 insurance companies, and eight mutual funds. There are also a number of localized credit unions.
Ecuador Financial and Banking Laws – Law 2005–13 criminalizes money laundering in Ecuador. The law prohibits movements of more than $10,000 in cash or negotiable instruments that is undeclared. Money laundering does not appear to be prohibited if the amount is under $5,000. It also seems that a conviction for an underlying offense needs to be in place for a money laundering conviction. This is to say that money laundering unto itself is not an offense; it must be the laundering of criminal proceeds like drug dealing. In some countries this is not the case. Some of the existing laws in Ecuador can interfere with the prosecution of money laundering cases.
In Ecuador the Bank Secrecy Law seriously restricts the information that a bank can turn over to the police for investigative purposes, and the Banking Procedures Law restricts information regarding private banking accounts in Ecuador to the Ecuador Superintendent of Banks. Now it gets even more confusing and conflicting. The Criminal Defamation Law calls for sanctions against financial institutions that provide account information to police or notify law enforcement of suspicious transactions if no criminal activity is ultimately proven in a court of law, in other words if there is no criminal conviction for the crime underlying the money laundering then the financial institution can be financially and otherwise sanctioned. The law also does not have whistle blower protections for employees of financial institutions that are responsible for anti-money laundering practices.
It is possible for a Judge to issue an order to the Banking Superintendent to release bank records at the request of another country but this is something that is rarely ever done. The laws are conflicting. Please remember in most jurisdictions with money laundering the attitude is guilty and now prove yourself innocent after we confiscate your funds based solely on our suspicions. Money laundering is a victimless crime. There are no money-laundering victims in hospitals, cemeteries, undergoing rehabilitation etc. In Ecuador to press a case of money laundering there must be a conviction of the underlying crime the proceeds of which were laundered. Ecuador has had a grand total of three cases of money laundering filed so far since the law was enacted and no convictions to date. This means that clients can rest assured that they will not harassed by poorly trained bank and government officials going on a fishing expedition.
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