Les Îles de France d’Outre-Mer au Forefront of the Fight Against Money Laundering and Terrorist Financing

France’s overseas territories, including New Caledonia, French Polynesia, and Saint-Pierre-et-Miquelon, are at the forefront of the battle against money laundering and terrorist financing. These territories have taken measures to strengthen their regulations against money laundering (ML) and terrorist financing (TF).

Measures Implemented in Each Territory

New Caledonia

Institutions and non-financial professionals designated must now conduct a thorough identification check of clients using official documents such as passports or identity cards. They must also continuously monitor suspicious transactions.

French Polynesia

A central registry has been created for beneficial owners of companies and trusts. Financial institutions and non-financial professionals designated are now required to comply with the updated recommendations of the Financial Action Task Force (FATF) on ML/TF and the travel rule.

Saint-Pierre-et-Miquelon

Penalties for non-compliance have been established. Financial institutions and non-financial professionals designated must now implement strengthened client verification procedures (KYC) and improve information transmission.

Commitment to Maintaining a Solid Financial System

“The resolution of France’s overseas territories to strengthen their regulations against money laundering demonstrates their commitment to maintaining a solid and resilient financial system,” said Jacques Bouffard, President of the French Association of Compliance Officers.

Regional Agency and Unit for Financial Intelligence

The creation of a regional agency against money laundering and a unit for financial intelligence has reinforced these efforts. These organizations work together to monitor financial transactions, analyze financial information, and disseminate reports to competent authorities.

International Pressure

These updates are particularly important in the context of increasing international pressure to implement more robust measures against money laundering. Territories and countries that do not respect these norms risk having their financial systems considered non-transparent.

Conclusion

France’s overseas territories contribute to maintaining the integrity of their local financial sectors and reinforce the global campaign against money laundering and terrorist financing.