France fights “effectively” against money laundering and the financing of terrorism, judges the intergovernmental body Gafi, which however recommends improvements including better supervision of certain professions exposed to financial crime, such as real estate.
The Financial Action Task Force aims to clean up the international financial system by encouraging governments to adopt legislation against money laundering and the financing of terrorism. It also publishes a “grey list” of countries subject to increased surveillance.
In its first evaluation report on France since 2011, the Gafi highlights the ” considerable risk identification work conducted by the country, which allows it to “have a good and relatively uniform understanding of the risks of money laundering, and a very good understanding of the risks” concerning the financing of terrorism.
“In general, the policies and activities in the area of repression adequately reflect the risks identified”, sums up the organization after two and a half years of audit. “The control system” implemented by the authorities through different mechanisms and structures “is effective in many respects”, and has, “from a technical compliance point of view, a solid and sophisticated legal framework” , notes the Gafi.
The organization does not establish a ranking between the countries it evaluates. But “by comparing with the results of other countries, France finds itself as being the most effective country in the fight against money laundering and the financing of terrorism “says Didier Banquy, president of the Advisory Council for the fight against money laundering and the financing of terrorism (Colb), which depends on the Treasury Department. This Frenchman is pleased that the report does not point to “no structural failure” but “adjustments to be made”, he underlined during an interview with journalists.
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“Could do better” on suspicious transaction reports
In terms of efficiency, France thus obtains the best rating (graded between “high”, “significant”, “moderate”, “low”) for international cooperation, seizures and confiscations, investigations and prosecutions in the financing of terrorism.
However, she is assigned a “moderate” level for the supervision and implementation of preventive measures. The low number of suspicious transaction reports sent to Tracfin, Bercy’s anti-money laundering unit, by certain professions such as real estate, is particularly pointed out. The Gafi also recommends “strengthening the staff specifically trained and dedicated to the fight against money laundering, in particular with local investigation services, overseas and in the investigation”.
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