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Terrorism Financing Prevention Methods in French Polynesia: A Growing Concern
French Polynesia, a French overseas collectivity in the Pacific Ocean, has been taking steps to prevent terrorism financing and money laundering. As part of its efforts to combat these crimes, the country has implemented various regulations and frameworks.
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Regulations in French Polynesia
In 2019, Tracfin, France’s Financial Intelligence Unit, worked with its partners to develop stronger relationships and better monitor reporting activity. The unit was restructured to enhance its detection capabilities, focusing on profiles shared with the compliance departments of key financial stakeholders.
A cornerstone of this system is the establishment of a Financial Intelligence Unit (FIU) responsible for coordinating between financial entities and regulators to gather information and identify transactions that may involve tax evasion, money laundering or other criminal activities.
Key Features of the AML/CFT Regulations
- Establishing a Financial Intelligence Unit (FIU)
- Restructuring Tracfin to enhance detection capabilities
- Focusing on profiles shared with compliance departments
The Compliance Code in French Polynesia
Entities in French Polynesia are encouraged to create comprehensive compliance frameworks encompassing all aspects of their operations with customers and regulators. This approach focuses on building confidence between the financial market and its stakeholders by:
Key Components of a Comprehensive Compliance Framework
- Knowing and following regulations set by authorities
- Complying with laws, regulations, and ethical principles
- Creating awareness and providing training on avoiding non-compliance risks
- Collaborating with clients and partners adhering to international anti-money laundering and anti-terrorist financing norms and standards
- Building a culture of compliance among personnel and guaranteeing vigilance
Terrorism Financing Prevention in French Polynesia: The Role of MemberCheck
MemberCheck provides secure and simple solutions for scanning politically exposed or high-risk individuals, checking names against sanction, regulatory, law enforcement, and other official lists. Our sophisticated scan filters and due diligence workflow minimize time spent sorting through false matches.
With MemberCheck, clients can:
Key Benefits of Using MemberCheck
- Access customer details whenever and wherever required
- Download reports to customize for further investigation or auditing purposes
- Demonstrate AML program compliance for auditing purposes
By implementing these measures, French Polynesia aims to strengthen its fight against terrorism financing and money laundering.