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France Intensifies Fight Against Money Laundering and Terrorist Financing with New Regulations

As part of its ongoing efforts to combat money laundering and terrorist financing, France has implemented a series of measures aimed at increasing transparency in financial transactions and preventing the misuse of the financial system. The Fifth Money-Launderling Directive has been transposed into French law, setting out new obligations for financial institutions to identify and verify the identities of clients and their beneficial owners.

New Regulations Designed to Combat Terrorist Financing

The new regulations are designed to combat terrorist financing more effectively, following a series of high-profile attacks in France and revelations from the “Panama Papers” scandal. The Fifth Directive, which came into force on July 9, 2018, has been transposed into French law by an order at the beginning of this year.

Enhanced Due Diligence Measures

The new regulations require financial institutions to implement enhanced due diligence measures for business relationships or transactions involving high-risk third countries. They also provide for certain virtual asset service providers to be regulated under anti-money laundering and combating the financing of terrorism (AML-CFT) rules.

Guidelines from French Regulatory Authority

In addition, the French regulatory authority, the Autorité des Marchés Financiers (AMF), has issued guidelines on the risk-based approach to combating money laundering and terrorist financing. The AMF has also published guidance on the obligations of vigilance with respect to clients and their beneficial owners, as well as guidelines on the concept of politically exposed persons.

Risk Assessments Published

To help financial institutions identify threats, vulnerabilities, and the level of risk, European and national authorities publish regular risk assessments. The AMF has published its own risk assessment, which highlights the importance of focusing on risk analyses in order to combat money laundering and terrorist financing.

Implementation Marks Significant Step Forward

The implementation of these new regulations marks a significant step forward in France’s efforts to combat money laundering and terrorist financing, and demonstrates its commitment to transparency and financial stability.