Supervisors of Anti-Money Laundering and Counter-Terrorism Financing in French Polynesia

The fight against money laundering, fraud in the public sector, and terrorist financing is a crucial task that requires cooperation and sharing of financial information. In France, Tracfin has set up a central system to improve the effectiveness of financial intelligence activities. In 2019, Tracfin worked on profiles to improve the detection skills of the main French financial actors.

The Financial Intelligence Unit (URF)

In response to the development of anti-money laundering procedures in French Polynesia over time and global initiatives, the URF was created. The URF is responsible for coordinating with regulators to collect information and identify financial transactions that could involve tax evasion, money laundering, or other criminal activities.

Conforming to AML/CTF Regulations in French Polynesia

In French Polynesia, organizations are encouraged to develop and implement a comprehensive compliance framework that covers all aspects of their interactions with customers and authorities. Compliance plays a key role in building trust between the financial market and its stakeholders, focusing on:

Understanding and Respecting Established Rules

• Comprehend and respect rules established by authorities, explained clearly and accessibly.
• Obey laws, rules, and moral values.

Education and Training

• Educate and train all participants to reduce non-compliance risk and damage to the brand.

Collaboration

• Work together with clients and partners who follow international anti-money laundering and counter-terrorism financing standards.

Promoting a Culture of Compliance

• Create a culture of compliance within the team and ensure employees respect their duty of prudence.
• Add an anti-money laundering strategy to the classic crime prevention strategy.