Financial Crime World

French Polynesia Cracks Down on Money Laundering with Strengthened Anti-Money Laundering Laws

French Polynesia has taken a significant step to combat money laundering, public sector fraud, and terrorism financing by strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The country’s Financial Intelligence Unit (FIU) has been reorganized to improve oversight of reporting activities and ensure compliance with global standards.

The Role of the Financial Intelligence Unit

The FIU was established in response to international initiatives aimed at combating money laundering and terrorism financing. Its primary role is to coordinate with regulatory bodies to gather information on suspicious financial transactions that may be linked to tax evasion, money laundering, or other criminal activity.

What Organizations Need to Do

To ensure compliance with AML/CTF regulations, organizations operating in French Polynesia are urged to develop and implement a comprehensive compliance framework. This framework should cover all aspects of their interactions with customers and authorities, emphasizing the importance of:

  • Understanding and Adhering to Regulatory Rules:
    • Familiarize yourself with rules established by regulatory bodies.
    • Ensure compliance with laws, regulations, and moral principles.
  • Compliance Culture:
    • Educate stakeholders on reducing the risk of non-compliance and brand damage.
    • Collaborate with clients and partners that adhere to global AML/CTF standards.
    • Create a culture among staff members that upholds their duty of caution.
    • Integrate anti-money laundering strategies into conventional crime prevention initiatives.

The Goal: Strengthening the Fight Against Money Laundering

By implementing these measures, French Polynesia aims to strengthen its fight against money laundering, public sector fraud, and terrorism financing, while maintaining trust between the financial market and its stakeholders. The country’s strengthened AML/CTF regulations demonstrate its commitment to combating financial crimes and protecting its financial system from illegal activities.