Financial Crime World

French Polynesia Takes Proactive Steps Against Financial Crimes

Enhancing Corporate Governance and Combating Money Laundering

The French Polynesian government has made significant strides in combating money laundering, public sector fraud, and terrorism financing within its territory. At the forefront of this effort is the reorganized Financial Intelligence Unit (FIU), designed to enhance coordination and oversight of financial reporting activities.

Tracfin’s Instrumental Role

France’s national agency for fighting against money laundering and terrorist financing, Tracfin, has played a pivotal role in developing the FIU’s capabilities. In 2019, Tracfin worked on profiling major French financial stakeholders to improve their compliance departments’ detection skills. This initiative aims to identify financial transactions that may involve tax evasion, money laundering, or other illicit activities.

Adopting a Robust Compliance Framework

Organizations in French Polynesia are urged to adopt a robust compliance framework that covers all aspects of their interactions with customers and authorities. This includes:

  • Understanding and adhering to regulations: Familiarize yourself with the laws and rules set by the authorities.
  • Respecting laws, rules, and moral standards: Uphold the highest standards of integrity and ethics in your business practices.
  • Providing education and training: Educate stakeholders on reducing non-compliance risks and ensure they are equipped to handle complex situations.
  • Collaborating with compliant clients and partners: Foster relationships with clients and partners who adhere to international anti-money laundering and anti-terrorist financing requirements.
  • Fostering a compliance culture: Ensure that employees understand their duty of care and uphold the organization’s commitment to compliance.
  • Integrating anti-money laundering strategies: Embed anti-money laundering strategies into conventional crime prevention approaches.

A Safer and More Secure Financial Environment

The French Polynesian government’s efforts demonstrate its commitment to combating financial crimes and promoting transparency in the financial sector. By implementing these measures, organizations can help build trust between the financial market and its stakeholders, ultimately contributing to a safer and more secure financial environment.