France receives Exceptional Marks in FATF Evaluation for Effective Fight Against Financial Crime

Date: May 17, 2022

Paris, France - AML/CFT Framework Commended

The Financial Action Task Force (FATF), an international organization leading the fight against money laundering, terrorist financing, and proliferation, has given France exceptional marks in its ongoing efforts to combat financial crime. The evaluation, which took place over two and a half years and was completed on March 3, 2022, recognized the strengths of France’s framework in tackling economic and financial crimes.

Amidst Global Pandemic, France’s AML/CFT Framework Recognized

The FATF evaluation team commended France for its robust and sophisticated AML/CFT framework, especially in the areas of investigating and prosecuting terrorist financing, confiscation of criminal assets, and international cooperation.

Strengthening Operational and Legal Arsenal against Financial Crimes

France’s financial sector’s involvement in implementing AML/CFT policy measures and supervision was highlighted. Some of the initiatives that have strengthened the operational and legal arsenal against financial crimes are:

• The creation of a dedicated department within the Interior Ministry to combat financial crime (SDLCF)
• The Department of Judicial Financial Inquiries (SEJF)
• The Agency for the Management and Recovery of Seized and Confiscated Assets (AGRASC)

Establishment of Specialized Jurisdictions

Additionally, the establishment of specialized jurisdictions, such as:

• The national court in charge of organized crime (JUNALCO)
• The French National Financial Prosecutor’s Office (PNF)
• The French National Anti-Terrorist Prosecutor’s office (PNAT)

has further bolstered France’s efforts in this domain.

Preventive Measures: Significant Progress

The FATF report also highlighted the significant progress made in the area of preventive measures, which include:

• Strengthening financial transparency
• Implementation of asset freeze without delay

Opportunities for Enhancement

The evaluation also pointed out certain areas where France could enhance its efforts, including:

• Supervision and implementation of preventive measures for professionals responsible for legal entities and the real estate sector
• Strengthening vigilance toward politically exposed persons
• Reinforcing targeted monitoring and awareness-raising actions for the non-profit sector
• Intensifying efforts against money laundering in the digital economy

French Authorities commitment to Fight against Financial Crime

Didier Banquy, President of the National Advisory Board for AML/CFT (COLB), expressed his satisfaction with the results. “France has maintained ongoing vigilance and continually updated its risk assessment, adapting to the ever-evolving nature of financial crimes,” he stated.

Future Plans and Upcoming Evaluation

The French authorities continue to be committed to the fight against financial crime and play a significant role in negotiating the legislative package at the European level. The implementation of the 2021-2022 inter-ministerial Action Plan to combat money laundering, terrorist financing, and proliferation is underway, and its updating will consider the FATF recommendations. A new evaluation will be conducted in June 2025 to assess the follow-up of the FATF’s recommended actions.