FranceOn Oct. 5, the appeals court in Paris ruled in favor of sanctioned Russian billionaire Alexey Viktorovich Kuzmichev in his lawsuit against France’s customs authority, finding that the freezing and raid on his Antibes yacht was unlawful.
France’s Observatory for the Security of Payment Means (Observatoire de l’épargne réglementée) published its annual report detailing trends in payment flows and fraud in 2021 and measures undertaken by the agency to improve the security of payment means.
Sanctions Against Russia Expose Transaction Screening Problems in France
Nearly 10 months after Western nations began imposing unprecedented commercial and banking sanctions on Russia for invading Ukraine, French regulators on Monday identified several challenges financial institutions have encountered in implementing the measures.
In Europe, Suspicious Payments Triple Thanks to VASPs, Cryptocurrency
Virtual assets service providers, especially the six now operating from Finland, played a significant role in driving up the volume of suspicious transaction reports at an unprecedented rate in Europe last year, data collected by ACAMS moneylaundering.com shows.
Weekly Roundup: FATF Sidelines Russia, Banks Anticipate New Federal Marijuana Policy, and More
France’s Financial Prosecutor’s Office and the Chicago, IL-based corporation signed a settlement agreement on June 16. 2022, concerning allegations of tax evasion related to transfer pricing arrangements between the French subsidiary and other entities located abroad.
French regulator Autorité des marchés financiers banned the Lyon, France-based company and its manager from exercising as financial investment advisors for a period of ten years and imposed a €150,000 fine for anti-money laundering and counterterrorist financing shortcomings and other violations.
| Technical | Effectiveness |
|---|---|
| Compliant : 9 | High : |
| Largely Compliant : 29 | Substantial : |
| Partially Compliant : 10 | Moderate : |
| Non-Compliant : 1 | Low : |
| Rank : 122/141 |
| Score : 3.92/10 |
| Rank : 23/179 |
| Score : 69/100 |
| Rank : 33/133 |
| Score : 50/100 |