Financial Crime World

France Takes on Financial Crime, But Overseas Territories Remain Vulnerable

Strengthening Efforts Against Financial Crime in France

Over the past decade, France has implemented significant reforms to combat financial crime. The country’s robust framework for fighting money laundering and terrorist financing has yielded substantial results, depriving criminals of considerable amounts.

Key Reforms

  • Central Office for the Fight Against Corruption and Financial and Tax Offences (OCLCIFF): A dedicated institution established to tackle corruption and financial crimes.
  • National Financial Prosecutor’s office (PNF): Created in 2013, this office has successfully recovered over €10 billion for the public purse.
  • TRACFIN: The financial crime intelligence service plays a vital role in the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) system.

Challenges Remain in French Overseas Territories

Despite France’s efforts, illicit financial dealings related to drug trafficking in its overseas territories persist. The Financial Action Task Force (FATF) report highlights that:

  • Maritime access: France’s location on the Mediterranean and Atlantic via EU and overseas borders makes it vulnerable to drug trafficking.
  • Difficulty in evaluating proceeds: Funds are often transferred to bank accounts in the sub-region, making it challenging for authorities to track and recover illicit funds.

Recommendations from FATF

To address these gaps, FATF recommends:

  • Increasing money laundering technical specialists: France should enhance its capacity to tackle financial crime.
  • Improving supervision: The country must strengthen oversight of the non-financial sector, particularly in real estate.

Reporting Financial Crime in French Southern Territories

If you have information about suspected financial crimes in French Southern Territories, you can report to:

  • Financial Intelligence Unit (FUM): Of the French Overseas Monetary and Financial Affairs Office
  • National Financial Prosecutor’s office (PNF)
  • Central Office for the Fight Against Corruption and Financial and Tax Offences (OCLCIFF)
  • TRACFIN: The financial crime intelligence service

You can also contact local law enforcement authorities or report anonymously to the French authorities through their online reporting platform.