Regulatory Bodies for Financial Crime Prevention in French Polynesia
French Polynesia has implemented various regulations and laws aimed at preventing financial crimes, including money laundering and terrorist financing. These measures are designed to ensure that the country’s financial system is not misused by criminals.
Anti-Money Laundering Directives and Regulations
French Polynesia has adopted several anti-money laundering directives and regulations applicable to insurance companies operating in the territory. The Monetary and Financial Code (MFC) sets forth anti-money laundering regulations for insurance companies, including:
- Vigilance obligations
- Reporting requirements
- Asset freezing measures
Identifying Customers
According to Article L.561-1 of the MFC, insurance companies are required to identify their customers and verify their identity before entering into a business relationship with them. This includes verifying the identity of policyholders and beneficiaries of life insurance contracts.
Reporting Suspicious Transactions
Insurance companies in French Polynesia are also required to report suspicious transactions and attempted transactions to the Department mentioned in Article L.561-23 of the MFC. The reporting obligation is triggered when an insurer knows, suspects or has good reason to suspect that a transaction originates from an offence punishable by a custodial sentence of more than one year or is linked to terrorist financing.
Asset Freezing Measures
In addition to these obligations, insurance companies are required to freeze assets in accordance with Articles L.562-1 and following of the MFC. This means that they must prevent the transfer of assets that may be related to criminal activities.
Special Bureau for Handling Reports and Declarations
The French Polynesian government has established a special bureau under the Ministry of Economy to handle reports and declarations submitted by insurance companies. The bureau is responsible for:
- Receiving, investigating, and processing reports and declarations
- Taking measures to combat money laundering and terrorist financing
Conclusion
In conclusion, French Polynesia has implemented various regulations and laws aimed at preventing financial crimes in the territory. Insurance companies operating in French Polynesia are required to comply with these regulations, which include vigilance obligations, reporting requirements, and asset freezing measures. The country’s financial system is designed to be transparent and accountable, and any attempts to misuse it for criminal activities will be detected and prosecuted.