France Enhances Anti-Money Laundering and Counter-Terrorist Financing Measures
Overall Assessment
The Financial Action Task Force (FATF) has assessed France’s efforts in implementing anti-money laundering (AML) and counter-terrorist financing (CFT) measures. The country has made significant progress, but some areas require further attention.
Key Points
- Progress Made: France has implemented AML/CFT measures effectively.
- Risk Assessment: The country’s risk assessment is comprehensive, covering various sectors such as real estate and virtual assets.
- National Policies: National policies are mainly implemented through thematic action plans.
Cooperation and Coordination
France demonstrates effective cooperation and coordination among its authorities. Bilateral cooperation exists between supervisory bodies responsible for the same Designated Non-Financial Business and Professions (DNFBP) sector. However, there is room for improvement in this area.
Key Points
- Cooperation: Authorities cooperate effectively at the national level.
- Bilateral Cooperation: Bilateral cooperation exists between supervisory bodies responsible for the same DNFBP sector.
- Areas for Improvement: More can be done to improve coordination between those responsible for supervising the same DNFBP sector.
Financial Intelligence, Investigations, Prosecutions, and Confiscation
France utilizes financial intelligence to investigate money laundering (ML) cases and terrorist financing (TF). The country’s TRACFIN agency plays a significant role in enriching financial intelligence and producing high-quality analyses. However, there are limitations due to the lack of specialized investigators.
Key Points
- Financial Intelligence: France regularly uses financial intelligence to investigate ML cases and TF.
- TRACFIN: TRACFIN plays a key role in enriching financial intelligence and produces high-quality analyses.
- Investigation Limitations: The country is active in investigating complex and highly complex ML cases, but there are limitations due to the lack of specialized investigators.
Sanctions Imposed
Sanctions imposed in France are generally effective, proportionate, and dissuasive.
Key Points
- Effectiveness: Sanctions imposed are generally effective.
- Proportionality: Sanctions imposed are proportionate to the crimes committed.
- Dissuasiveness: Sanctions imposed are dissuasive, discouraging individuals from engaging in illicit activities.