LCB-FT: GAFI scares not only kids (Ghost Gafi) but also top bad financial criminals!

Kokuriko: France is doing well in fighting financial criminals (according to herself)

Perhaps it is appropriate to ask financial criminals whether France is that strong in the fight against money laundering. By definition, if money laundering is well done, it cannot be detected by the authorities … But let’s remain positive, let’s taste the strong position France gives to itself in the fight against money laundering.

The Financial Action Task Force (FATF), the standard intergovernmental body against money laundering, terrorist financing and nuclear proliferation (AML-FT), has a very positive assessment of the French system in this area. After two and a half years of work, in the context of the global epidemic, the process of evaluating the French system to combat economic and financial crime was completed on March 3, with the adoption of the Mutual Evaluation Report of France.

fatv? Ghost teach children to read a book?

Founded at the Sommet de l’Arche in 1989 at the initiative of France, the Financial Action Task Force (FATF) is an intergovernmental body responsible for developing international standards in combating money laundering, terrorist financing and nuclear proliferation. The systems of FATF member countries are regularly evaluated by peers against international standards. These assessments make it possible to conduct an in-depth study of each jurisdiction’s normative framework and measure its level of effectiveness. France is represented in the Financial Action Task Force (FATF) by the General Directorate of the Treasury, which leads the French ministerial delegation.

France has a robust and complex anti-money laundering-FT framework, which is very effective

The evaluation team praised the strengths and assets of the national system, whether in terms of combating money laundering or in terms of combating the financing of terrorism and the proliferation of nuclear weapons, which are recognized as a national priority. The FATF concluded that France has a robust and complex framework for combating money laundering and terrorist financing, which is highly effective in terms of the investigation and prosecution of terrorist financing, the confiscation of criminal assets and international cooperation. France also achieves very good results in terms of the effectiveness of the use of financial intelligence, investigations and prosecutions in the field of money laundering, and the implementation of targeted financial sanctions, both in the aspect of combating the financing of terrorism. or against financing the proliferation of weapons of mass destruction. The contribution of the financial sector, both in implementing measures and in supervision, was widely welcomed.

Many of the reforms of the French system that have been implemented in recent years have been particularly structured, be it related to the creation of a Sub-Directorate to Combat Financial Crimes within the Ministry of the Interior (SDLCF), the Service for Judicial Financial Investigations (SEJF) – the joint customs and tax service within the economic and financial ministries – Or even the Seized and Forfeited Asset Management and Recovery Agency (AGRASC). Specialized courts have also been set up to deal with very complex and complex cases: the National Organized Crime Court (JUNALCO), the National Financial Prosecutor’s Office (PNF), and the Anti-Terrorism Public Prosecutor’s Office (PNAT). ). The decisive progress in the preventive aspect, thanks to the work of the General Directorate of the Treasury, has also made it possible to enhance France’s effectiveness in terms of financial transparency for legal persons or the implementation of asset freeze measures without delay.

The Financial Action Task Force (FATF) also made recommendations to perfect this mechanism. France must continue to intensify its efforts in certain areas, such as the supervision and implementation of preventive measures for professionals involved in the activities of legal persons and the real estate sector, the strengthening of vigilance towards political figures, the strengthening of monitoring or control measures and procedures aimed at sensitizing the sector of non-profit organizations in order to protect them from exploitation for the purposes of terrorist financing.

Didier Banki, President of the Advisory Board for Anti-Money Laundering and Terrorist Financing (COLB), responsible for analyzing the risks of BC-FT in France, piloting and coordinating all LCB-FT procedures, and proposing necessary improvements to the device: ” We treated this exercise with humility and we are pleased with France’s excellent results in this field. France has always been very determined to combat financial crime in all its forms. We have significantly strengthened its operational system and legal arsenal to be able to effectively combat these pests throughout its territory. It is critical to maintain constant vigilance, adapt and constantly update our perception of risk, because criminal practices evolve rapidly according to opportunities. “.

France remains fully committed to the fight against financial crime. It plays a key role in negotiating the current legislative package at the European level and continues to publish at the national level the Interministerial Action Plan 2021-2022 to combat money laundering, terrorist financing and arms proliferation, including an update that will take into account the conclusions of the assessment. The meeting item is set for June 2025 to assess the follow-up to the FATF’s recommended actions.

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