Compliance: Its Evolution and Challenges in Ecuador

Where to Go?

Abstract

The practice on compliance in recent years has gained greater strength worldwide as a mechanism of control. The fulfillment of anti-corruption policies is an essential factor for foreign investors when deciding whether to entry a country or not. Security and transparency levels guaranteed by compliance programs play a key role in global context. Ecuador cannot stand aside from this global trend and undeniable necessity. Therefore, as Ecuadorians, it is important to know what this practice involves, the utilities it has, and the current status of our country in this field. In order to analyze the figure of compliance in Ecuador and the lack of a legal body that sums up the applicable rules for corruption and its sanctions, this paper will have the following structure. In first place, the concept of compliance and its importance will be explained. Next, the origin of this practice in the United States will be exposed; taking into consideration the most relevant events that caused the implementation of an anti-corruption law. In third place, Latin America"™s background will be displayed regarding anti-corruption policies. Additionally, the actual status of compliance in Ecuador will be showed, and the areas that nowadays are regulated. Finally, an evaluation of the requirement of anti-corruption policies will be held, and the benefits an enterprise can receive for its implementation.