French Committee Established to Combat Money Laundering and Terrorist Financing

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In an effort to strengthen France’s efforts against money laundering and terrorist financing, the College of the Autorité de Contrôle Prudentiel has established an advisory committee. The French Anti-Money Laundering and Anti-Terrorist Financing Advisory Committee (CCLCB-FT) was created on May 28, 2010, with the mandate to provide opinions to the College on instructions related to anti-money laundering and anti-terrorist financing.

Responsibilities of the CCLCB-FT

• Review draft guidelines prior to their adoption
• Assess amendments to existing guidelines deemed substantial
• Deliver opinions on questionnaires defining the content of instructions to be adopted by the Autorité de Contrôle Prudentiel regarding persons subject to its supervision in the field of anti-money laundering and anti-terrorist financing

Composition of the CCLCB-FT

The committee is chaired by two members of the College and comprises representatives from:

• Banking and insurance industry associations
• Professionals with expertise in anti-money laundering and anti-terrorist financing working in ACPR-supervised entities
• A representative from the Caisse des Dépôts et Consignations

Meetings and Stakeholder Engagement

The committee also invites stakeholders to attend its meetings, including:

• The Director of Tracfin
• Members of the General Directorate of the French Treasury
• The President of the CNIL or his/her representative

Impact of the CCLCB-FT

The establishment of the CCLCB-FT is seen as a key step in promoting the implementation of France’s preventive mechanisms against money laundering and terrorist financing.