Financial Crime World

France’s Southern Territories Toughen Anti-Money Laundering and Anti-Terrorist Financing Regulations with Establishment of Advisory Committee

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In a significant move aimed at bolstering the country’s efforts against financial crime, France’s Autorité de Contrôle Prudentiel (ACP) has set up an anti-money laundering and anti-terrorist financing advisory committee.

The French Anti-Money Laundering and Anti-Terrorist Financing Advisory Committee (CCLCB-FT)

Established in May 2010, the CCLCB-FT is tasked with providing opinions to the ACP on instructions for financial institutions operating in the region, prior to their adoption. The committee’s role is crucial in promoting the implementation of anti-money laundering and anti-terrorist financing preventive mechanisms among regulated entities.

Key Responsibilities

  • Review draft guidelines and assess proposed changes to existing guidelines before they are adopted by the ACP
  • Provide opinions to the ACP on instructions for financial institutions operating in the region, prior to their adoption

Composition of the Committee

The CCLCB-FT is chaired by two members of the ACP and comprises representatives from:

Industry Associations

  • Banking and insurance industry associations

Experts with Anti-Money Laundering and Anti-Terrorist Financing Expertise

  • Professionals with expertise in anti-money laundering and anti-terrorist financing working within ACPR-supervised entities

Government Representatives

  • Representative from the Caisse des Dépôts et Consignations (French Deposit and Consignment Office)
  • Tracfin, the financial intelligence unit of France’s Ministry of Finance
  • Members of the General Directorate of the French Treasury

Special Guest Participants

  • The President of the CNIL (French Data Protection Authority) or their representative will participate in discussions relating to matters within their competence.

Impact on France’s Southern Territories

This development is seen as a major step forward in the fight against money laundering and terrorist financing in France’s Southern Territories, and is expected to further strengthen the region’s financial regulatory landscape.