Financial Crime World

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New Caledonia Adopts International Best Practices to Combat Money Laundering and Terrorist Financing

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In an effort to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, New Caledonia has adopted several international best practices recommended by the Financial Action Task Force (FATF).

Strengthened Regulations

The Pacific island nation has implemented various amendments to its AML/CFT framework in line with FATF recommendations. The changes are aimed at enhancing transparency and reducing financial risks associated with money laundering and terrorist financing.

Key Measures

  • Risk Assessment: Financial institutions and designated non-financial businesses and professions (DNFBPs) must identify and assess the risks of potential breaches, non-implementation or evasion of targeted financial sanctions related to proliferation financing.
  • Group-Wide Programmes: DNFBPs are now required to apply group-wide programmes in line with FATF standards.
  • Non-Profit Organisations: New Caledonia has strengthened its regulations on non-profit organisations (NPOs) by introducing focused, targeted and risk-based measures to prevent their abuse for terrorist financing purposes.

Environmental Crimes

New Caledonia has also revised its definitions of “designated categories of offences” to include environmental crimes, in line with FATF recommendations. This move aims to enhance cooperation among law enforcement agencies and financial institutions to combat illegal activities linked to environmental degradation.

Global Consensus

The adoption of these best practices is seen as a significant step forward for New Caledonia in its efforts to prevent and combat money laundering and terrorist financing. The country’s commitment to implementing international standards demonstrates its determination to protect the integrity of its financial system and prevent illicit activities that may undermine national security.

New Caledonia joins several other countries that have adopted FATF recommendations to strengthen their AML/CFT frameworks, demonstrating a growing global consensus on the importance of combating money laundering and terrorist financing.