France: Financial Sector Assessment Program-Technical Note-Anti-Money Laundering and Combating the Financing of Terrorism Regime in France
IMF Staff Country Reports, 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
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Bibliographic details
- Published: October 29, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513517827.002
Summary of scope and purpose
- Summarizes 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
- fintech
- Provides a factual update on key measures taken by the authorities since France’s previous assessment.
Key findings
- Authorities are recommended to promote stronger AML/CFT controls by:
- enhancing supervision of lawyers and the real estate sector
- 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 TF and reduce risks of financial exclusion.
Policy recommendations and operational measures
- Enhance supervisory intensity and coverage for:
- lawyers
- the real estate sector
- Issue more targeted guidance on cross-border money laundering threats.
- Provide systematic guidance on TF-related indicators to financial institutions.
- Establish mechanisms for timely feedback to banks to improve detection of potential TF and mitigate risks of financial exclusion.
Subjects and keywords
- 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
Content in this bundle
- 1fraea2019009