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Anti-Money Laundering Laws and Regulations in France
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Overview
This chapter provides an overview of anti-money laundering laws and regulations in France. It covers various aspects of these laws, including directives, beneficial ownership, payment transparency requirements, bearer shares, non-financial institution businesses, international trade and free trade zones, modernization of the anti-money laundering regime, proposed anti-money laundering measures, FATF evaluation, and outside evaluations.
Anti-Money Laundering Laws
France has implemented several EU directives to combat money laundering, including:
- The Fifth Anti-Money Laundering Directive (AMLD5)
- The Sixth Anti-Money Laundering Directive (AMLD6)
The European Union is working towards establishing a more unified anti-money laundering framework across member states.
Beneficial Ownership
Accurate information about beneficial ownership must be maintained and available to government authorities. This information can be used by financial institutions in their customer due diligence responsibilities.
Payment Transparency Requirements
Payment orders for funds transfers must include accurate information on the payer and beneficiary when the payment service provider is not established in France. However, only payment account numbers are required when the provider is established in France.
Bearer Shares
Ownership of legal entities in the form of bearer shares is permitted as long as the company is listed on the stock exchange.
Non-Financial Institution Businesses
Real estate and regulated professions (lawyers, notaries, etc.) are businesses subject to anti-money laundering requirements.
International Trade and Free Trade Zones
International profiles present a greater risk of committing money laundering offenses and are therefore subject to greater vigilance.
Modernization of the Anti-Money Laundering Regime
There are ongoing discussions at European level regarding improvements to the anti-money laundering system, including making it more risk-based and effective by taking advantage of new technology and lessening the compliance burden on financial institutions and other businesses subject to anti-money laundering controls.
Proposed Anti-Money Laundering Measures
A provisional agreement was reached between the Council and the European Parliament on the EU’s Sixth Anti-Money Laundering Directive. This aims to standardize European supervision, give more powers to financial intelligence units, and provide access to new registers and sources of information.
FATF Evaluation
France has a robust and sophisticated framework for combating money laundering and the financing of terrorism. However, it needs to improve oversight of the not-for-profit sector and increase staff numbers to address investigation times.
Outside Evaluations
France’s anti-money laundering regime was evaluated by the FATF in May 2022.
Overall, this chapter provides a comprehensive overview of France’s anti-money laundering laws and regulations, as well as ongoing efforts to improve the effectiveness of these measures.