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French Polynesia Financial Services Authority Cracks Down on Financial Crime Prevention

In 2008, French Polynesia established the French Polynesia Financial Services Authority (FPFSA) to bolster financial stability and integrity. This move came after the passage of the FPFSA Act by Parliament, which unified three previously distinct regulatory bodies under one roof.

Establishment and Goals

The primary goal behind the establishment of FPFSA was to introduce a novel framework for supervising and regulating both international financial services entities and domestic non-bank institutions operating within French Polynesia’s financial sector. The authority has since made significant strides in rationalizing functions, pooling resources, and enhancing operational efficiency through its merger.

Mission and Governance

FPFSA’s mission is clearly outlined in the FPFSA Act of 2011, which empowers the authority to regulate, supervise, and foster growth within the non-bank financial services sector. Governed by a board of directors, FPFSA operates under the authority of French Polynesia’s government and is responsible for administering and enforcing specific legislative provisions.

Regulatory Role

As part of its mandate, FPFSA ensures compliance with relevant enactments, regulations, or guidelines, ensuring that each licensed financial entity remains effectively managed and financially sound. With the power to intervene in regulated entities when necessary, FPFSA safeguards customers’ interests while maintaining the stability of French Polynesia’s financial sector.

Service Delivery

FPFSA provides efficient assistance to both international financial services (IFS) and non-banking financial services sectors. The authority can expedite transactions such as incorporating international business companies and limited liability companies within a single business day through its network of registered agents and trustees operating under licenses and regulatory provisions specified by the Registered Agent Trustee Act.

International Cooperation

Moreover, FPFSA proactively disseminates timely information regarding international initiatives that may impact French Polynesia’s financial services sector. As the designated representative of the Minister of Finance in various international initiatives, including involvement with the OECD, FPFSA plays a crucial role in shaping the country’s regulatory landscape to prevent financial crime and ensure stability.

Conclusion

In conclusion, FPFSA has been instrumental in strengthening French Polynesia’s financial sector by promoting compliance, supervising licensed entities, and fostering international cooperation. By working closely with international organizations, FPFSA is committed to preventing financial crime and ensuring the stability of the country’s financial services sector.