Financial Crime World

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French Polynesia Steps Up Efforts to Prevent Financial Crime with Enhanced Regulatory Bodies

In a bid to maintain transparency in its financial system, French Polynesia has strengthened its Anti-Money Laundering (AML) compliance regulations. The territory has implemented several measures aimed at preventing financial crimes and ensuring the integrity of its local financial sector.

New Caledonia’s Enhanced Customer Due Diligence Measures

New Caledonia, the largest and most populous territory, has taken significant steps by introducing enhanced customer due diligence measures for financial institutions and designated non-financial businesses and professions (DNFBPs). These entities are now required to:

  • Verify the identity of clients through government-issued documents
  • Conduct ongoing monitoring of suspicious transactions
  • Report any findings to relevant authorities

French Polynesia’s Central Registry

French Polynesia has established a central registry for the beneficiary owners of legal entities and trusts. Financial institutions and DNFBPs must adhere to the updated FATF Recommendations on AML/CFT and the FATF’s Travel Rule, aiming to improve transparency and prevent illegal activities in the financial sector.

Saint Pierre and Miquelon’s Penalties and Enhanced Procedures

Saint Pierre and Miquelon has imposed penalties for non-compliance with AML/CFT regulations. The jurisdiction has also:

  • Enhanced know-your-customer procedures for financial institutions and DNFBPs
  • Improved reporting mechanisms
  • Implemented information sharing systems

Regional Anti-Money Laundering Agency and Financial Intelligence Unit

To further enhance its efforts, French Polynesia has established a regional anti-money laundering agency and financial intelligence unit. These organizations work together to:

  • Monitor financial transactions
  • Analyze financial intelligence
  • Disseminate reports to relevant authorities

Global Focus on AML Measures

These updates come at a critical time as the global focus on implementing tougher AML measures continues to grow. The FATF’s evaluation process puts pressure on territories and countries to meet the necessary requirements in order to maintain financial transparency and reduce the risk of illicit activities.

Conclusion

The French Southern Territories’ continued efforts to strengthen their AML compliance regimes contribute to maintaining the integrity of local financial sectors and further strengthens the global campaign against money laundering and terrorist financing. As Jacques Bouffard, President of the Association of French Compliance Officers, said: “The French Southern Territories’ commitment to strengthening their AML compliance regimes demonstrates their resolve to maintain a robust financial system that is resilient to illicit activities.”