Compliance and anti-money laundering regulation in France

ISSN： 1359-0790

Source： Journal of Financial Crime, Vol.10, Iss.2, 2003-04, pp. : 135-136

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Abstract

Describes briefly how France has recently adopted stricter rules for compliance in the fight against money laundering, and the role played by regulatory authorities in improving compliance; France was the first country to implement the FATF Recommendations in 2001, it has widened the scope of sanctions against financial institutions that do not comply with their reporting obligations, and it has strengthened the position of TRACFIN (Traitement du renseignement et action contre les circuits financiers clandestins) as the agency to which suspicious transactions must be reported. Outlines the role of the compliance officer within financial institutions and their clients in ensuring that they comply with the laws and regulations.