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France’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Framework
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This report from the International Monetary Fund (IMF) highlights key points regarding France’s AML/CFT framework.
Confiscation and Sanctions
Measures to Confiscate Assets
- The French authorities have implemented measures to confiscate assets related to money laundering (ML) and terrorist financing (TF).
- In 2011, the Agency for Management and Recovery of Criminal Assets became operational to increase criminal seizures.
Risk-Based Approach
Assessment Against Revised FATF Standard
- France has not yet been assessed against the revised FATF standard and methodology.
- The country will be assessed in 2020-2021.
- A risk-based approach is emphasized, with a focus on identifying, assessing, and understanding ML/TF risks.
National Risk Assessment (NRA)
First NRA Finalization
- France’s first NRA is being finalized and is expected to be published in 2019.
- The NRA places an emphasis on TF and identifies main ML threats from:
- Drug trafficking
- Large-scale financial fraud
- Tax and corporate fraud
- Offenses involving breach of integrity
PEPs and Transparency
Update of French Legal Framework
- The French legal framework has been updated to transpose the Fourth European AMLD, including with respect to risk-based preventive measures.
- Reporting entities are required to:
- Identify and assess their ML/TF risks
- Apply enhanced controls when the risks are higher
- PEPs (including beneficial owners) must be dealt with by a member of the entity’s executive body or an authorized individual.
Beneficial Ownership Transparency
Central Register Establishment
- France established a central register of beneficial owners in 2018, which is accessible to AML/CFT obliged professionals and regulatory authorities.
- The country has begun transposing the Fifth European AMLD, including measures to strengthen existing BO registers.