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Noboa amends bill against money laundering in Ecuador

Quito, Nov 8 (Prensa Latina) Ecuadorian President Daniel Noboa today withdrew the bill sent to the National Assembly (Parliament) against money laundering, modified it and sent it back to the legislative body.

The urgent economic measure initially caused controversy because it included a tax on the Property of Motor Vehicles for land transportation.

In its new version, the president ordered the elimination of this tax “with the objective that certain players will not find any excuses to not process the Anti-Money Laundering Law,” the Presidency indicated in a statement.

Instead, he proposed creating a tax on the purchase and sale of used vehicles.

The official note indicates that the purpose of the law is not to affect the economy of Ecuadorian households, but to regulate trade in used car sales yards.

The original bill brought new clashes between the Executive and the Assembly. Representatives of various legislative groups spoke out against the proposal.

“It is incredible that, amid this dire economic situation, they continue to try to impose more taxes (…) This will not only brings economic growth to a halt, but citizens become poorer,” said assemblyman Vicente Taiano, of the Social Christian Party.

Noboa published a survey on his social network X with which he seeks to diagnose whether the Legislative Administration Council (CAL) will approve assessing his proposal, which he has called the “Anti-crook Law.”

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