Financial Crime World

French Polynesia Takes Steps to Prevent Money Laundering

In an effort to combat money laundering and terrorist financing, French Polynesia has made significant progress in implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.

Strengthening Detection Capabilities

The Financial Intelligence Unit (FIU), established in response to global initiatives, plays a crucial role in coordinating between financial entities and regulators to gather information and identify suspicious transactions. To enhance detection capabilities, Tracfin, France’s financial intelligence unit, has worked on profiling financial institutions and sharing them with compliance departments of key stakeholders.

Compliance Framework

Entities operating in French Polynesia are encouraged to create and implement a comprehensive compliance framework that covers all aspects of their operations, including customer relationships and regulatory requirements. A key aspect of this compliance is knowing and following regulations set by authorities, ensuring that laws, regulations, and ethical principles are adhered to.

MemberCheck’s Solutions

MemberCheck’s solutions can assist entities in French Polynesia in preventing money laundering by:

  • Scanning clients against global politically exposed person (PEP) and sanction data sources
  • Conducting adverse media checks
  • Verifying customer identities
  • Performing jurisdictional risk checks

The company’s expert consultants can also assess the AML/CFT risk to a business and provide customized solutions.

Compliance Code in French Polynesia

The Compliance Code in French Polynesia emphasizes the importance of creating awareness and providing training to stakeholders on how to avoid non-compliance risks and damage to their brand. Entities are encouraged to:

  • Collaborate with clients and partners who adhere to international anti-money laundering and anti-terrorist financing norms and standards
  • Build a culture of compliance among personnel
  • Exercise vigilance

Conclusion

French Polynesia’s efforts to prevent money laundering and terrorist financing demonstrate its commitment to maintaining the integrity of its financial system. By implementing robust AML/CFT regulations and encouraging entities to adopt comprehensive compliance frameworks, the country can effectively combat financial crimes and protect its reputation.