May 21, 2010 At present, everyone and his brother knows that Correa’s government has melded ALBA cartel Ecuador with Cuba, Venezuela and has started to suck money from the horrible nation named Iran. IPS reports that although Correa has publicly stated that he will make his own financial review task force and reject the UN’s G-20 financial review bodies- having banned the IMF anyway, Ecuador’s money laundering laws remain a joke and its banking ties with Iran are ridiculously evil: “..the FATF action could be a reaction to an agreement signed by Quito and Tehran that allows the Export Development Bank of Iran (EDBI) to act through Ecuador's Central Bank. The EDBI and Iran's Central Bank "have been on special lists for some time," said Patiño, and even though "no operations have been carried out, this can have consequences." García rules out that theory, pointing out that the FATF official documents do not mention the agreement with Iran.  The agreement with Iran has created other problems, however. The president of Ecuador's Central Bank, Diego Borja, traveled in mid-May to the United States to explain the extent of the pact to officials at the U.S. Federal Reserve.

As he explained upon his return, "there was a danger that they wouldn't send dollar currency to Ecuador," which would be a disaster because this country replaced its national currency with the dollar a decade ago. Borja said U.S. officials proved understanding of Ecuador's position in regards to the agreement with Iran.”

Soon the government of Ecuador will unleash its special forces across the USA: its paid liars to fan out across the most incompetent U.S. Congress and lie and lie and lie about how deeply committed to fighting the FARC is Correa when indeed Correa has opened the love canal for his dearly beloved narco actors. Watch this August for Correa’s fake claims tat he is fighting drugs. Watch his ambassador to Washington, Luis Gallegos pay and pay Americans to lie with him about Correa’s special fight against the narcos when there is not one ounce of truth telling in the whole group. WE remind that it remains a crime in the USA to lie to the U.S. government but Gallegos and Correa hire only liars. And lie they will. And then watch as the Santos gang from the AMCHAM, maybe attended to this year with special forces from the oh so dishonest US AID liars club of pro Iran mergers active in Quito today,  flies up to the USA on their special but unendingly fraudulent missions to inform the USA that Correa’s government is oh so clean and oh so wonderful so that the business people of Ecuador can defraud the US taxpayer some and dishonestly claim that Ecuador fights against drugs and deserves US taxpayer funded free trade when it deserves nothing from the USA except the truth and the truth is that Ecuador under  Correa is married to the narcostate and is 100% dishonest, deserving nothing. But like the US dollar, Correa insists that the USA owes him- only because he is a manipulator and a liar and a criminal- many hand outs because he is special. A special criminal who should be impeached and removed formally is actually what Correa warrants. Correa warrants nothing but the back of the door.

In other words, Correa’s idiots enjoy lying a lot to tell anyone who listens that Ecuador must not be on the banking Black List because they promise not to open branches of Iran’s dirty banks in Ecuador. What no one admits are the facts that Ecuador has already opened Venezuelan-Iranian branch banks plus melded Ecuador’s joke of a Central Bank with Iran’s banks. While claiming that Correa’s government is so clean by not opening Iranian drive through branch banks, Correa has already opened Iranian banks inside his Central Bank and with Chavez’s merged and dirty Venezuelan-Iranian banks. Astonishingly, the Obama government of the USA seeks to assist Iran’s dirty money cartels in every way possible and pretends that Ecuadorean money laundering laws are the problem [ they are indeed a laughable joke] but refuse to state the obvious that Correa’s lies of clean banking is just that: lies and lies and lies.

What this IPS article below says is that Ecuador’s Borja states that the USA has no problem with Correa’s dirty money movements with Iran. This may be the only honest thing Borja has ever uttered. Never mind that Correa has bankrupted Ecuador and now takes Venezuelan, Iranean and FARC monies….and dirty money from any vermin on the globe in his rush to bring in more and more Cuban spies and erect his major intel center for his Cuban-Iranean military ops in South Quito.

While we do commend the U.S. Department of State for tentatively saying that the investment climate in Ecuador – see it here - is just plain horrible/not do-able….that is, if any American invests in Correa’s Cuban communist country, he or she will lose everything in the cartel country, State Department continues along its merry way to install the worst part of passive-aggressive policies.

We also know very well that while the US government for this last decade has been lying like dogs in the reports about Ecuador, praising its anti-money laundering laws, no one with a brain could not see that these US AID-GoE installed regulations were not a joke- a pure deception. Ecuador launders money 24/7. Ecuador also launder humans, weapons, drugs, stolen medicines, traffics in slavery, prostitution and currency [fake or real]. But you knew that.
 
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Ecuador Wants Off the Money-Laundering List

Gonzalo Ortiz

QUITO, May 20 (IPS) - "It sounds incredible, but it's just a matter of a letter that wasn't turned in on time," Ecuador's attorney general said in regards to the Financial Action Task Force decision to qualify the country as "posing a risk to the international financial system."

Ecuador's inclusion on the list of "high risk" nations means the FATF determined the South American nation has failed to fulfill the recommendations for preventing and punishing both money laundering and terrorist financing.

Difficulties are already arising for some banks and businesses. "Lines of credit haven't been cut, but the correspondent banks have requested much more information from the Ecuadoreans," César Robalino, executive chair of Ecuador's private bank association, said at a press conference on Tuesday.

Foreign banks have even sent missions to monitor the security practices for transactions in Ecuadorean banks, which already have their own compliance officers and specialised committees on their boards of directors, said Robalino.

The FATF is an inter-governmental body created in 1989 by the Group of Seven most industrialised countries (Britain, Canada, France, Germany, Italy, Japan and United States), and now has 35 members (33 nations and two regional organisations).

Its aim is to oversee and promote policies to fight money laundering and the financing of terrorism by states and financial institutions; yet, among its members are notorious tax havens, such as Switzerland, Luxembourg and the Dutch island of Aruba. Today, FATF is guided by the Group of 20, a bloc of industrial powers and emerging nations that have led efforts to weather the global financial storm that erupted in 2008 in the United States.

Angola, Ethiopia and North Korea are the three other nations joining Ecuador on the list that the FATF issued Feb. 18 in its public statement. Those countries, says FATF, have not complied with its recommendations. In a special declaration, the task force accused Iran of financing terrorist activities.

According to Attorney General Diego García, the other four countries do not even engage in dialogue with FATF, while Ecuador collaborates with the task force and is a member of the regional organisation, the South American Financial Action Task Force (GAFISUD), founded in 2000.

The GAFISUD website states that it was "created on the model of the FATF and has adopted the Forty Recommendations issued by FATF as the most widely recognised international standard for countering money laundering and the Special Recommendations against terrorism financing."

The reason Ecuador was included on the list, in García's reckoning, is that the FATF members believed that the government "had not confirmed an absolute commitment at the highest political level" to put all the recommendations into practice.

"They don't say that we haven't fulfilled our obligations. On the contrary, they recognise Ecuador's efforts, but they believe we are lacking a declaration from the highest level in terms of the will to resolve the existing deficiencies and to implement the action plan," he added.

The official is planning a meeting next week of the National Council Against Money Laundering, which would then send a project to Congress on reforming financial standards.

Ecuador has had anti-money laundering laws on the books since October 2005, but needs to make up for the shortcomings that emerged when they began to be implemented, said the attorney general.

The reforms would clarify the laws and include harsher penalties for money laundering and related illicit activities, and would make Ecuador more efficient in freezing accounts and seizing assets when necessary, García said.

With these steps and a clear letter about Ecuador's political commitment, García hopes that this country will be removed from the list at the next plenary meeting of the FATF, to be held Jun. 21-25 in Amsterdam.

"FATF is obligated to remove us from that list if we submit an action plan and commitment from the highest level," he said.

President Rafael Correa and Foreign Minister Ricardo Patiño have both spoken publicly about the possibility of cancelling cooperation with FATF and its recommendations, and creating a new body to monitor financial practices.

But García said that as Ecuador's representative to the FATF he had not yet received any such instructions, so he is continuing his efforts "to get Ecuador off the list."

In the opinion of financial expert María Laura Patiño, the FATF action could be a reaction to an agreement signed by Quito and Tehran that allows the Export Development Bank of Iran (EDBI) to act through Ecuador's Central Bank.

The EDBI and Iran's Central Bank "have been on special lists for some time," said Patiño, and even though "no operations have been carried out, this can have consequences."

García rules out that theory, pointing out that the FATF official documents do not mention the agreement with Iran.

The agreement with Iran has created other problems, however. The president of Ecuador's Central Bank, Diego Borja, travelled in mid-May to the United States to explain the extent of the pact to officials at the U.S. Federal Reserve.

As he explained upon his return, "there was a danger that they wouldn't send dollar currency to Ecuador," which would be a disaster because this country replaced its national currency with the dollar a decade ago. Borja said U.S. officials proved understanding of Ecuador's position in regards to the agreement with Iran.

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ECrisis hopes that someone- anyone- will explain why the government of the United States under Obama gifts Ecuador with special exemptions from its own financial crimes Black List because Correa is so truly dirty, as if to boost his criminality. We seek to understand why Chavez’s branch banks – already notably blacklisted- flourish in Ecuador.

While we understand that Correa, himself busy making personal money for laundering Venezuelan and Iranean currency into U.S. dollars for fees, actually has screeched for an end to the wildling popular use of the U.S. dollar, what we do know is that Ecuadoreans fear that the USA will do what is legally correct and end the joke that Correa’s financial house is anything but what it is: a corrupt cartel clearing house. Ecuadoreans, instead of cleaning up Correa’s extortion rings, sit in fear- ready and able to lie to defend the U.S. dollar’s use while failing to clean up their own corrupt government.

The State Department of the USA writes of Ecuador’s kangaroo courts- all controlled by Correa in this lawless land where exists no rule of law,

 “Dispute Settlement

Systemic weakness in the judicial system and its susceptibility to political or economic pressures constitute important problems faced by U.S. companies investing in or trading with Ecuador. The Ecuadorian judicial system is hampered by processing delays, unpredictable judgments in civil and commercial cases, inconsistent rulings, and limited access to the courts. Criminal complaints and arrest warrants against foreign company officials have been used to pressure companies involved in commercial disputes. There have been cases in which foreign company officials have been prevented by the courts from leaving Ecuador due to pending claims against the company. Ecuadorians involved in business disputes can sometimes arrange for their opponents, including foreigners, to be jailed pending resolution of the dispute. Concerns have been raised in the media and by the private sector that Ecuadorian courts may be susceptible to outside pressure and are perceived as corrupt, ineffective, and protective of those in power. Neither Congressional oversight nor internal judicial branch mechanisms have shown a consistent capacity to effectively investigate and discipline allegedly corrupt judges.

The resource-starved judiciary continues to operate slowly and inefficiently. There are over 55,000 laws and regulations in force. Many of these are conflicting, which contributes to unpredictable and sometimes contradictory judicial decisions. Enforcement of contract rights, equal treatment under the law, IPR protection, and unpredictable regulatory regimes are major concerns for foreign investors.

The existing U.S. - Ecuador BIT provides for binding international arbitration of disputes between the government and investor in a venue of the investor's choosing, including the International Center for Settlement of Investment Disputes. Given Ecuador’s withdrawal from ICSID, alternative arbitration venues available to U.S. investors include: ICSID’s Additional Facility; ad hoc arbitration under UNCITRAL rules; and arbitration administered by any other arbitral institution to which the parties agree. Ecuador’s new constitution recognizes only local or regional arbitration centers, or other forums as agreed to by the parties, for settlement of disputes between the State and investors, and could limit future arbitration options for investors.

A number of U.S. companies operating in Ecuador, notably in regulated sectors such as petroleum and electricity, have filed for international arbitration resulting from investment disputes. Investors in more lightly regulated sectors have had fewer disputes. Over the last several years, one U.S. electricity company has received a favorable ruling under ICSID; another filed a case with ICSID, but subsequently negotiated a settlement with the government.”

Contrary to our manipulative friends and their addiction to pretending that if one is lazy and ignorant, all will be fine….we note that systemic weakness in the judicial system actually means that Correa’s justice system at best is arbitrary and at worst is defunct/inoperative and a complete joke. You know this because Correa and Pesantez even lie continuously even about the most obvious Hit and Run of a dead Ecuadorean pedestrian by….Sra. Pesantez herself while Sr Pesantez and his boy toy Correa lie about the crime.  Others tell us in gossip tones of Pesantez’s trips- on taxpayer nickels- escorting Correa’s bride in name only [ also called sacred marriages in Ecuador where even the word sacred is a joke today as nothing is sacred except selfish manipulations] - to Cuba for that special thing that Cuban doctors do while those who do not rot in hell holes called Cuban prisons, notably Cuba’s Dr Biscet who refused to do what Cuba’s surgeons are forced to do by Cuban law- deliver 24/7 abortions. Dr. Biscet of Cuba held his principles and for most of the last decade has suffered the most unbearable abuse and imprisonment in Castro’s hell holes…but Correa and Pesantez care not. They love Cuba. And they love Cuban abortions.

Under Corea, Ecuador now has dirty banking, dishonest and bankrupt finances, Cuban spies and military running all intel and military-security ops, has ended free speech and open media while destroying democracy. Correa has however kept his promise to convert Ecuador in to a replica of Castro’s communist Cuba while merging Ecuador with the Farc, Chavez, Morales and Castro for advancing the evil of Iran.

Now….what are you going to do to get your country back?

-Pedro Camargo for ECrisis