Financial Crime World

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

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French Polynesia has been strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) framework by adopting best practices. The country’s AML/CTF supervisors have been working closely with international partners to ensure that financial institutions are compliant with global standards.

The Role of the Financial Intelligence Unit

At the heart of France’s anti-money laundering efforts is the Financial Intelligence Unit (FIU). In 2019, Tracfin, the FIU, worked on creating profiles to improve the detection skills of compliance departments in major financial institutions. The FIU plays a critical role in identifying suspicious transactions that may involve tax evasion, money laundering, or other criminal activity.

Key Responsibilities of the FIU

  • Identifying suspicious transactions
  • Collaborating with regulatory bodies
  • Ensuring accurate and reliable financial information

Complying with AML/CTF Regulations

Organisations in French Polynesia must comply with AML/CTF regulations by developing and implementing a comprehensive compliance framework. This involves several key steps:

Step 1: Understanding the Rules

  • Clearly explaining and easily understandable rules set by authorities

Step 2: Obedience to Law, Regulations, and Moral Principles

  • Education and training for all stakeholders to reduce risk of non-compliance and reputational damage

Step 3: Collaboration with Clients and Partners

  • Maintaining a robust compliance culture through collaboration with clients and partners who adhere to international AML/CTF standards

Step 4: Creating a Culture of Caution

  • Ensuring that staff uphold their duty to report suspicious transactions

Step 5: Integrating Anti-Money Laundering Strategy into Conventional Crime Prevention Strategy

  • Maintaining a holistic approach to combating financial crimes by integrating anti-money laundering strategy into conventional crime prevention strategy

By adopting these best practices, French Polynesia can strengthen its AML/CTF framework and maintain the trust of its stakeholders in the financial market.