Financial Crime World

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Regulatory Updates on Anti-Money Laundering in French Polynesia

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French Polynesia’s AML/CTF Supervisors Emphasize Importance of Compliance

Strengthening the Fight Against Money Laundering and Terrorism Financing

In a bid to strengthen its fight against money laundering, public sector fraud, and terrorism financing, French Polynesia has enhanced its anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The country’s financial intelligence unit, Tracfin, plays a crucial role in this effort.

Enhancements to Tracfin

Tracfin was reorganized last year to improve oversight of its reporting activities and enhance ties with partners. In 2019, the agency worked on developing profiles to boost the detection skills of compliance departments at major French Polynesia-based financial stakeholders.

Establishment of a Financial Intelligence Unit (FIU)

To meet evolving global initiatives, French Polynesia has established a Financial Intelligence Unit (FIU) to oversee coordinating with regulators for information gathering and identifying suspicious transactions that may involve tax evasion, money laundering, or other criminal activity.

Compliance is Key in French Polynesia

Organizations operating in French Polynesia are advised to develop and implement a comprehensive compliance framework that covers all aspects of their interactions with clients and authorities. Compliance is the backbone of trust between the financial market and its stakeholders.

Key Aspects of Compliance

  • Understanding and adhering to regulations: Presented in clear and understandable terms
  • Abiding by laws, rules, and moral principles
  • Educating and training stakeholders to minimize non-compliance risks and brand damage
  • Collaborating with clients and partners who adhere to international AML/CTF standards
  • Fostering a compliance culture among staff, ensuring they uphold their duty of caution
  • Integrating the anti-money laundering strategy into conventional crime prevention efforts

Prioritizing Compliance

By prioritizing compliance, French Polynesia aims to maintain a robust financial system that safeguards its reputation and prevents illicit activities. Organizations operating in the country must stay abreast of regulatory updates and adapt their strategies accordingly to ensure seamless operations and minimize risks.