France Establishes Anti-Money Laundering Advisory Committee

Strengthening AML Regime with Expert Guidance

In a bid to fortify its anti-money laundering (AML) regime, France has established an advisory committee to provide expert guidance on AML policies and procedures. The French Anti-Money Laundering and Anti-Terrorist Financing Advisory Committee (CCLCB-FT) was set up in May 2010 by the College of the Autorité de Contrôle Prudentiel.

Composition of the Committee

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

• Banking and insurance industry associations
• Professionals with AML expertise working in entities supervised by the Autorité de Contrôle Prudentiel (ACPR)
• The Caisse des Dépôts et Consignations

Other stakeholders invited to attend committee meetings include:

• The Director of Tracfin, the financial intelligence and laundry prevention unit of the French Ministry of Finance
• Members of the General Directorate of the French Treasury
• The President of the CNIL, or his representative

Responsibilities of the Committee

The CCLCB-FT’s primary responsibilities include:

• Providing opinions on anti-money laundering instructions prior to their adoption by the ACPR, with a view to promoting the implementation of preventive mechanisms
• Assessing draft guidelines and substantial amendments to existing guidelines before they are adopted

Move towards Tightened AML Policies and Procedures

This move is seen as a step towards further tightening AML policies and procedures in France, aimed at countering money laundering and terrorist financing activities. The establishment of the CCLCB-FT reflects France’s commitment to strengthening its AML regime and ensuring that it remains effective in preventing financial crimes.