France’s Southern Territories Take Steps to Comply with Anti-Money Laundering Laws
Reducing Vulnerability to Financial Crimes
France’s Southern Territories have been working to implement measures for the prevention, detection, and punishment of money laundering according to internationally recognized standards. This effort aims to reduce the vulnerability of the financial system to this criminal activity.
The Non-Cooperative Countries and Territories (NCCT) Initiative
The NCCT Initiative was launched in 2000 by the Financial Action Task Force (FATF), an intergovernmental body that sets global standards for combating money laundering and terrorist financing. The initiative aimed to ensure that all financial centers adopt and implement anti-money laundering measures.
Review Process
The review process, which began in February 2000, saw FATF establish four regional review groups to assess the compliance of countries and territories with anti-money laundering standards. The Southern Territories were among the first to be reviewed, along with other jurisdictions around the world.
- Countries and territories were selected for review based on their priority level and experience in combating money laundering.
- Review groups gathered relevant information, analyzed it against 25 NCCT criteria, and drafted a report that was sent to the jurisdictions for comment.
- The process involved several rounds of reviews, with a total of 47 countries or territories examined between 2000 and 2001.
Results of the Reviews
As a result of the reviews, 23 countries or territories were listed as Non-Cooperative Countries and Territories (NCCTs), including some in the French Southern Territories. However, since 2001, no new jurisdictions have been reviewed under the initiative, and by October 2006, all NCCTs had been de-listed.
Annual Reports on the NCCT Process
The annual reports on the NCCT process provide a detailed overview of the deficiencies identified regarding non-cooperative countries and territories, as well as the actions they took to remedy them. The reports also highlight the progress made in implementing anti-money laundering measures and the timelines for change.
Strengthening Anti-Money Laundering Regulations and Systems
Since then, the French Southern Territories have continued to work towards strengthening their anti-money laundering regulations and systems, ensuring that their financial sector is secure and compliant with international standards.