France’s Efforts to Combat Money Laundering and Terrorist Financing

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A report by the Financial Action Task Force (FATF) has praised France for its good understanding of the risks associated with money laundering (ML) and terrorist financing (TF), as well as its effective coordination and policy setting. However, the report also highlights areas that require improvement.

National Risk Assessment and AML/CFT Measures

According to the report, France’s national risk assessment (NRA) provides a comprehensive overview of the ML/TF risks facing the country. The authorities have achieved good results in implementing anti-money laundering (AML) and counter-terrorist financing (CFT) measures, particularly in the financial sector.

Key Achievements

Good understanding of ML and TF risks
Comprehensive national risk assessment
Effective implementation of AML/CFT measures in the financial sector

Areas for Improvement

However, there is still room for improvement in terms of:

Resource Allocation

Limited allocation of resources dedicated to ML investigations and prosecutions

Low number of standalone ML convictions despite legal possibilities
Need for improvement in investigating and prosecuting corruption-related cases

Investigation and Prosecution

The report highlights the importance of financial intelligence in ML investigations, noting that TRACFIN plays a key role in enriching financial intelligence through its internal processing system, STARTRAC.

Key Statistics

1,100 investigations per year
1,700 persons prosecuted per year
1,300 convictions per year

Conclusions and Recommendations

The report concludes that France has made significant progress in combating ML/TF, but there are still areas that require improvement. The authorities must continue to prioritize AML/CFT efforts and address the identified shortcomings to maintain a robust system for preventing and detecting ML/TF.

Key Takeaways

Prioritize AML/CFT efforts
Address resource allocation issues
Improve investigating and prosecuting corruption-related cases

Key Findings

France has a good understanding of the risks associated with ML and TF.
The country’s national risk assessment provides a comprehensive overview of the ML/TF risks facing France.
France has achieved good results in implementing AML/CFT measures, particularly in the financial sector.
However, there is still room for improvement in terms of resource allocation and investigating and prosecuting corruption-related cases.