Financial Crime World

Tracfin’s Unyielding Crusade Against Financial Crimes: Combatting Money Laundering, Terrorism Finance, and Fraud in France

A Surge in Activities: Tracfin’s Crucial Role in Protecting France

In 2021, Paris-based Tracfin, France’s financial intelligence unit, reported a record-breaking surge in activities, emphasizing its indispensable role in safeguarding the nation against financial threats.

Acknowledgments and Praise

  • Bruno Le Maire, Minister of Economy, Finance and Industrial and Digital Sovereignty, acknowledged Tracfin’s “essential” contributions against money laundering and terrorism finance. (Press Release).
  • In the context of the ongoing pandemic and Russia-Ukraine conflict, Le Maire highlighted Tracfin’s “full effectiveness,” acknowledging its active efforts and commitment to safeguarding French citizens.
  • Gabriel Attal, Minister Delegate for Public Accounts, lauded Tracfin’s successes against trafficking, fraud, and terrorism funding.

Combating Financial Crimes: Statistics and Insights

  • Heightened participation from reporting professionals led to a 44% rise in Tracfin’s activity (160,952 suspicious activity reports).
  • Tracfin served as the “heart” of financial crime prevention, relaying 3,242 intelligence briefings to law enforcement partners and international counterparts.

Uncovering Significant Illegal Financial Circuits

  • In 2021, suspected financial stakes amounted to €853 million, revealing vital insights into the most significant illegal financial circuits.
  • Money laundering schemes through fake transfer-order scams, accounting fraud, child pornography content distribution rings, damage to public finances, tax evasion, and terrorism financing were exposed.

Anticipating Risks: Combating Crypto-Laundering and Financial Flows from Cyber-Attacks

  • Tracfin focused on financial flows from ransomware cyber-attacks and emerging criminal landscape risks, such as crypto-laundering.
  • Organizational changes were implemented to optimize methods for combating financial crimes.

Tracfin’s Expertise: Providing Critical Intelligence

  • Tracfin remains a key player in the fight against economic and financial crimes, public finance fraud, and safeguarding the nation’s fundamental interests.
  • The unit has been a cornerstone of France’s financial intelligence services since 1990.