Assembly approves draft law for domain extinction
22 enero 2021

ECUADOR

On January 19, in its second debate, the plenary session of the National Assembly adopted a report on the  bill to recover assets of illicit origin (known as Domain Extinction). The objective of the initiative is to recover assets arising from illegal activities, such as embezzlement, bribery and human trafficking. The head of the Participation Commission, Raúl Tello, stated that they had included in the text provisions on the disposal of assets, international reciprocity, administration, and the sale and monetization of assets abroad. The text was then sent to the Executive for analysis and enactment.

The norm approved by the Assembly establishes due respect for the rights and guarantees enshrined in the Constitution and in the international instruments ratified by the State, which are pertinent to the nature of the procedure for domain extinction. The law will be governed by the principles of: right to property, nullity of origin, retrospectivity, contradiction, objectivity and transparency, and will not have a statute of limitations. 

The measure will also regulate the procedures for domain extinction regarding the ownership of assets of illicit origin in favor of the State, referring to assets located in Ecuador and abroad. The measure also seeks to prevent and tackle drug trafficking, money laundering, illicit enrichment, organized crime and “all acts of corruption.”

 

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