Financial Crime World

Money Laundering Prevention: How French Polynesia Stays Ahead of the Game

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In the pursuit of maintaining financial integrity, the French Polynesian Financial Services Authority (FPFSA) takes its responsibility for overseeing compliance with non-bank financial institutions and international financial services sector very seriously. To achieve this goal, the authority has implemented various measures to ensure that these institutions adhere to the requirements set forth in the Anti-Money Laundering Regulations and Code.

AML/CFT Supervision

To carry out its supervisory duties, the FPFSA combines off-site and on-site activities in its AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) supervision. This comprehensive approach enables the authority to:

  • Identify and address threats and risks in a timely manner
  • Ensure that institutions under its oversight are well-supervised and equipped to prevent money laundering

The FPFSA adopts a risk-based approach, focusing on identifying and addressing the most critical areas of risk. This ensures that institutions are held accountable for their AML/CFT obligations.

AML/CFT Supervisory Framework

Guiding the authority’s efforts is its AML/CFT Supervisory Framework, which outlines the methodology used to determine its supervisory approach. The framework provides a structured approach to:

  • Determine the level of supervision required for each institution
  • Identify and assess risks associated with each institution
  • Develop targeted remediation plans

By staying ahead of the curve, French Polynesia is better equipped to combat financial crimes and maintain a stable financial system.

Conclusion

In conclusion, the FPFSA’s proactive approach to AML/CFT supervision has enabled French Polynesia to stay ahead of the game in preventing money laundering. By adopting a risk-based approach and implementing a comprehensive supervisory framework, the authority ensures that non-bank financial institutions and international financial services sector are held accountable for their AML/CFT obligations.

By doing so, French Polynesia maintains its reputation as a jurisdiction committed to upholding high standards of financial integrity and preventing financial crimes.