Financial Crime World

France Ranks Among Global Elite in Fight Against Financial Crime: FATF Report

Date: May 17, 2022

Location: Paris, France

FATF Praises France’s Robust AML/CFT Framework

After an intensive two-and-a-half-year evaluation process, the Financial Action Task Force (FATF) has recognized France’s exceptional record in combating money laundering, counter-terrorist financing, and the proliferation of weapons of mass destruction.

  • France’s AML/CFT framework is highly effective
  • Recognized for investigation and prosecution of terrorist financing
  • Exceptional record in using financial intelligence for money laundering investigations

Key French Agencies praised for their contributions

Several specialized jurisdictions and departments dedicated to fighting financial crime in France have been commended.

  • National Court in charge of fighting organized crime (JUNALCO)
  • French National Financial Prosecutor’s Office (PNF)
  • French National Anti-terrorist Prosecutor’s office (PNAT)
  • Department dedicated to the fight against financial crime within the Interior Ministry (SDLCF)
  • Department of judicial financial inquiries (SEJF)
  • Agency for the Management and Recovery of Seized and Confiscated Assets (AGRASC)

Areas for Improvement

Despite the positive evaluation, FATF identified several areas for improvement.

  • Enhance supervision and implementation for professionals in legal persons and real estate sectors
  • Reinforce vigilance towards politically exposed persons
  • Strengthen targeted monitoring and awareness-raising actions for the non-profit sector

Stakeholders Express Delight with the Results and Commitment to Continued Efforts

  • Didier Banquy, President of the National Advisory Board for AML/CFT (COLB)
  • Emmanuel Moulin, Deputy Secretary of the Treasury at the Ministry for the Economy, Finance, and Economic Recovery
  • Francois Villeroy de Galhau, Governor of the Banque de France

France’s Role in European Negotiations and Update on Action Plan

France will:

  • Update its 2021-2022 inter-ministerial Action Plan to fight money laundering, terrorist financing, and proliferation.
  • Evaluate the follow-up of the FATF’s recommended actions in June 2025.

Stakeholder’s Remarks

  • Robert Ophele, Chairman of the Autorité des marches financiers (AMF)
  • Olivier Christen, Director of Criminal Affairs and Pardons at the Ministry of Justice
  • Jerome Bonet, Director of the Judicial Police at the Ministry of the Interior
  • Guillaume Vallette-Valla, Director of TRACFIN (FIU), Ministry of the Economy, Finance, and Economic Recovery.