UAFE Signs Agreement With 10 Financial Institutions for Asset Recovery
4 octubre 2019

On September 27, the Ecuadorian Executive made progress with the creation of the Inter-Institutional Liaison Group for Asset Recovery (GEIRA), in order to establish public policies and strategies for the recovery of assets resulting from corruption. As a result, ten state institutions have committed to a Cooperation Agreement, including the Financial and Economic Analysis Unit (UAFE) and the Internal Revenue Service.

UAFE’s Director Leopoldo Quirós pointed out the importance of inter-institutional cooperation to tackle bribery and corruption. The agreement aims to strengthen each of the institutions involved in the coordination, cooperation and formation of high-level work teams to implement asset recovery activities.

Similarly, the GEIRA Convention is expected to guarantee greater institutional transparency through different mechanisms, such as the exchange of experiences and the cooperation of the World Bank, and the Superintendency of Banks to promote transparency, inclusion and financial education.