French Polynesia Tightens Anti-Money Laundering Grip with Enhanced Oversight

In an effort to bolster financial stability and combat illicit activities, French Polynesia’s Financial Services Supervisory Authority (FPFSA) has strengthened its anti-money laundering (AML) and counter-terrorism financing (CFT) supervision.

Enhanced Oversight Measures

Under the FPFSA Act of 2011, Proceeds of Crime Act of 2013, and Anti-Money Laundering Regulations and Code, the authority is responsible for ensuring that non-bank financial institutions and international financial services comply with strict requirements. To achieve this, the FPFSA conducts a combination of:

• Off-site activities: monitoring institutions remotely to identify potential risks
• On-site activities: conducting physical inspections of institutions to verify compliance

Risk-Based Approach

The authority adopts a risk-based approach in its supervision, identifying and addressing potential threats and risks in a timely manner. This involves applying the AML/CFT Supervisory Framework, which outlines the methodology used to determine its supervisory approach for each institution.

Objectives of Enhanced Oversight

By taking a proactive stance against money laundering and terrorism financing, French Polynesia aims to:

• Maintain a stable and trustworthy financial system
• Uphold international standards and best practices in the fight against illicit activities
• Enhance the country’s reputation as a responsible and compliant jurisdiction

Overall, the enhanced oversight measures implemented by the FPFSA demonstrate French Polynesia’s commitment to combating financial crime and maintaining a robust financial system.