Financial Crime World

French Polynesia Strengthens Financial Sector through Enhanced Anti-Money Laundering Measures

Enhancing Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Efforts

In a bid to strengthen its financial sector and prevent illicit activities, French Polynesia has been ramping up its AML and CTF efforts. At the heart of these initiatives is the Financial Intelligence Unit (FIU), which plays a crucial role in coordinating information gathering and identifying suspicious transactions.

Establishing the Financial Intelligence Unit

The FIU was established to address the evolving global AML landscape, with Tracfin, France’s financial intelligence unit, providing key support. In 2019, Tracfin worked on developing profiles to enhance the detection skills of compliance departments among major French financial stakeholders.

Key Components of a Comprehensive Compliance Framework

Organisations in French Polynesia are urged to develop and implement a comprehensive compliance framework that encompasses all aspects of their interactions with consumers and authorities. This includes:

  • Understanding Regulatory Requirements: Familiarising themselves with AML/CTF laws and regulations, as well as any industry-specific requirements.
  • Educating Stakeholders on Reducing Non-Compliance Risks: Providing training to employees on the importance of AML/CTF compliance and the risks associated with non-compliance.
  • Collaborating with Partners who Adhere to International Standards: Working with partners who share a commitment to AML/CTF best practices.
  • Fostering a Compliance Culture among Staff: Encouraging a culture of compliance within the organisation, where employees are empowered to report suspicious activity and take responsibility for their roles in preventing money laundering.
  • Integrating Anti-Money Laundering Strategy into Traditional Crime Prevention Efforts

Prioritising Financial Inclusion and Crime Prevention

By prioritising financial inclusion and crime prevention, French Polynesia aims to build trust in its financial market, safeguard its reputation, and promote economic stability. As the country continues to enhance its AML/CTF measures, it is likely to become a more attractive destination for investors and businesses seeking a secure and transparent environment for growth.