Financial Crime World

France Scores High in Fight Against Terrorist Financing and Proliferation

Paris, France - Financial Action Task Force Commends Efforts

The Financial Action Task Force (FATF) has given France high marks for its efforts in combating terrorist financing and proliferation. The organization praised the country’s robust regulatory framework and effective implementation of international standards.

Robust Regulatory Framework and Effective Implementation

The FATF evaluation report commended France’s anti-money laundering (AML) and counter-terrorism financing (CFT) policies, stating that they are “solid” and “effective.” The report also highlighted the country’s financial intelligence unit, TRACFIN, as a key player in identifying and disrupting illicit activities.

Authorities Express Satisfaction

French authorities were quick to express their satisfaction with the results. Treasury Deputy Secretary Emmanuel Moulins stated, “I am very proud of the role played by the Treasury, which led the entire French team during three years. These excellent results are particularly satisfying, especially in terms of promoting transparency, financial integrity and implementing international sanctions.”

Banque de France Governor François Villeroi de Galhau praised the country’s legal framework as “solid,” while Autorité des marchés financiers (AMF) Chairman Robert Ophele noted that the supervisory authorities of financial institutions have a high level of understanding of money laundering and terrorist financing risks.

Efforts of Various Agencies

The report also highlighted the efforts of various French agencies, including:

  • The Judicial Police
  • The Directorate General of Public Finances
  • Customs

Olivier Christen, Director of Criminal Affairs and Pardons at the Ministry of Justice, stated, “The excellent results obtained by France on the law enforcement aspects highlight the quality of its AML-CFT framework.”

Commitment to Continuing Efforts

French authorities are committed to continuing their efforts to combat terrorist financing and proliferation. Philippe Bertoux, Director of Strategic Affairs, Security and Disarmament at the Ministry of Europe and Foreign Affairs, stated, “The high ratings that France obtained for the aspects relating to the fight against the financing of terrorism and proliferation are a recognition by the FATF assessors of the efforts made by France. For the Ministry of Europe and Foreign Affairs, they constitute a strong incentive to pursue ambitious international action to respond to these threats.”

Conclusion

Overall, the FATF evaluation report is a testament to France’s commitment to combating financial crime and its effectiveness in implementing international standards.