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Banking Regulations for Anti-Money Laundering in French Polynesia

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French Polynesia, an overseas collectivity of France, has implemented banking regulations to prevent money laundering and terrorist financing. The Monetary and Financial Code (MFC), partially applicable in the territory, sets forth anti-money laundering rules similar to those in metropolitan France.

European Influence

While French Polynesia is not subject to European Union directives on anti-money laundering, some of these regulations have been extended to the territory. Specifically:

  • Articles L. 562-3, L. 745-13, L. 755-13, and L. 765-13 of the MFC allow for the application of asset freezing measures taken by international organizations or EU institutions.

Insurance Companies in French Polynesia

Insurance companies operating in French Polynesia are subject to anti-money laundering regulations, which include:

Vigilance Obligation

  • Identify and verify the identity of customers and beneficiaries before entering into a business relationship.

Reporting Obligation

  • Report suspicious transactions or sums that they know, suspect, or have good reason to suspect originate from an offense punishable by a custodial sentence of more than one year or are linked to terrorist financing.

Asset Freezing

  • May be required to freeze assets suspected of being related to money laundering or terrorist financing.

Regulatory Framework

The MFC sets forth the regulatory framework for anti-money laundering in French Polynesia, which includes:

General Principles (Articles L. 755-13 to L. 755-15)

  • Outline the general principles of anti-money laundering regulations in French Polynesia.

Reporting Obligation and Asset Freezing Mechanisms (Articles L. 755-16 to L. 755-22)

  • Provide further details on the reporting obligation and asset freezing mechanisms.

Enforcement

The authorities responsible for enforcing anti-money laundering regulations in French Polynesia include:

  • The Ministry of Economy, which is responsible for supervising financial institutions and enforcing anti-money laundering regulations.
  • The Financial Intelligence Unit (FIU), which is responsible for receiving and analyzing suspicious transaction reports.

Overall, the banking regulations for anti-money laundering in French Polynesia aim to prevent money laundering and terrorist financing by requiring insurance companies to implement robust anti-money laundering measures and report suspicious transactions.