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Anti-Money Laundering and Counter-Terrorism Financing Regulations in French Polynesia: A Priority for Financial Actors
The fight against corruption, money laundering, and terrorism financing is a top priority in France. To achieve this goal, Tracfin has established a financial intelligence system with its partners. The Unité de Lutte contre le Blanchiment des Capitaux (ULCB) has been restructured to develop stronger links and more closely monitor suspicious activities.
Evolution of AML/CFT Processes
In 2019, Tracfin worked on developing profiles to share with the main French financial institutions’ compliance services, strengthening their detection capabilities. The fight against money laundering in French Polynesia has evolved over time in response to global initiatives.
ULCB’s Role
The Unité de Lutte contre le Blanchiment des Capitaux (ULCB) is responsible for coordinating between financial entities and regulators to collect information and identify potentially suspicious transactions related to tax evasion, money laundering, or other criminal activities.
Code of Compliance - French Polynesia
In French Polynesia, entities are encouraged to create and implement a comprehensive compliance framework that covers all aspects of their operations with clients and regulators. Compliance is at the heart of market confidence, emphasizing:
- Knowledge and implementation of regulations established by authorities
- Compliance with laws, regulations, and ethical principles
- Sensitization and training for all actors on how to avoid non-compliance risks and protect their brand image
- Collaboration with clients and partners who respect international anti-money laundering and anti-terrorism financing standards
How MemberCheck Can Help
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