Ecuador was pleased to announce to the world that its financial and banking system is no longer considered risky and a threat to the global financial system. Last week the country was notified that its name was being removed from an international watch list of country’s with risky financial banking practices.
When the Financial Action Task Force (FATF), a group that represents world governments, placed Ecuador’s name along with North Korea and Iran on a black list, Ecuador protested loudly. The inclusion on a watch list by FATF means a country is putting the global banking system at risk by not having sufficient controls against money laundering and possibly financing terrorism.
Ecuadorian, President Rafael Correa protested the inclusion and continued to reassure the world that his country’s financial system was complying with international banking standards. He blamed Ecuador’s cozy relationship with Iran as the result behind the black listing.