IMF Staff Country Reports

France: Financial Sector Assessment Program-Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism Regime in France

October 29, 2019

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France: Financial Sector Assessment Program-Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism Regime in France, (USA: International Monetary Fund, 2019) accessed December 22, 2024

Summary

This technical note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime in France summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment. Authorities are recommended to promote stronger AML/CFT controls by enhancing supervision of lawyers and the real estate sector and providing more guidance on cross-border money laundering threats. French banks are employing increasingly sophisticated tools, including machine learning, to carry out their due diligence obligations with respect to TF. More systematic guidance on TF-related indicators and timely feedback may help banks’ detection of potential of TF and to reduce risks of financial exclusion.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Technology, Terrorism, Terrorism financing, Virtual currencies

Keywords: ACPR, Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, Bank, CFT control, CFT measure, CFT obligation, Company, Company domiciliation agent, CR, Global, ISCR, Terrorism, Terrorism financing, TF risk, Virtual currencies

Publication Details

  • Pages:

    36

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2019/326

  • Stock No:

    1FRAEA2019009

  • ISBN:

    9781513517827

  • ISSN:

    1934-7685

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