France

New Documents

G7 Finance Ministers, Central Bank Governors Issue Statement on Digital Payments, Ransomware

The finance ministers and central bank governors of the G7 member countries issued a joint statement on the widespread adoption of digital payments, highlighting risks related to financial stability, consumer protection, taxation, cybersecurity, money laundering and terrorist financing.

October 13, 2020

Germany, France to Explore Sanctions Against Persons Involved in Navalny Poisoning

Germany’s Foreign Minister Heiko Maas and French Minister of Europe and Foreign Affairs Jean-Yves Le Drian issued a joint statement condemning the poisoning of Alexi Navalny in Russian territory and pledging to explore sanctions in response.

October 8, 2020

Tracfin Highlights Increased Information Sharing in 2018 Annual Report

August 18, 2020

Tracfin 2019 Annual Report Highlights Increase in STR Filings (in French)

July 14, 2020

NYSDFS, France ACPR Sign MoU on FinTech Cooperation

June 9, 2020

News

Weekly Roundup: FinCEN Fines Capital One, US Far-right Accepted Foreign Cryptocurrency, and More

Federal lawmaker wants beneficial owners behind Capitol riot identified, senior Commerzbank executive claims Wirecard fraudulently obtained loans, and more, in the weekly roundup.

January 15, 2021

Midweek Roundup: Commerzbank Warned German Officials About Wirecard, HSBC Rejects Cryptocurrency Transfers, and More

Cryptocurrency industry slams U.S. plan to broaden reporting requirements, China AML-related fines tripled in 2020, and more, in the midweek roundup.

January 13, 2021

France and FATF Align on Cryptocurrency

January 12, 2021

COVID-19 Fraud, Bottom Lines and ‘Effective’ Compliance: AML in 2021

January 8, 2021

Lockdowns, Legal Changes and Leak Fatigue: the Year in AML

December 31, 2020

Enforcement Actions

French National Financial Office: HSBC to Pay €300 Million for Laundering Proceeds of Tax Evasion

The National Financial Prosecutor of the Paris First Instance Court entered into an agreement with HSBC Private Bank (Suisse) SA requiring the Geneva, Switzerland-based financial institution to pay €300 million for allegations of aggravated money laundering of tax evasio

November 28, 2017

French National Financial Office: HSBC to Pay €300 Million for Laundering Proceeds of Tax Evasion

The National Financial Prosecutor of the Paris First Instance Court entered into an agreement with HSBC Private Bank (Suisse) SA requiring the Geneva, Switzerland-based financial institution to pay €300 million for allegations of aggravated money laundering of tax evasion proceeds.

October 30, 2017

Key Documents

France Expands Scope of Prohibition on Money Laundering

September 9, 2000

France Passes Penal Code

December 10, 2005

France Describes Banks' Obligations Related to Preventing Money Laundering

March 9, 2004

Important Facts

  • The U.S. State Department labels France as a jurisdiction of primary concern. The country’s banking, financial and commercial sectors are attractive for money laundering because of its large economy, political stability and sophisticated financial system. Illicit proceeds are generated through public corruption, narcotics and human trafficking, smuggling and other activities associated with organized crime. Another significant source of money laundering comes from sports teams. France has a large informal sector, including hawalas typically used by immigrant populations. However, there is little information on the scale of such activities. Casinos are regulated. The use of virtual money is growing in France, mostly through online gaming and social networks.
  • KYC Covered Entities: Banks, credit and money-issuing institutions, e-money institutions, investment firms, money exchangers, investment management companies, mutual insurers and benefit institutions, insurance intermediaries and dealers, notaries, receivers and trustees in bankruptcy, financial investment advisors, real estate brokers, chartered accountants, auditors, dealers in high-value goods, auctioneers and auction houses, bailiffs, lawyers, participants in stock exchange settlement and delivery, commercial registered office providers, gaming centers, companies involved in sports betting and horse racing tips, and casinos
  • STR Covered Entities: Banks, credit and money-issuing institutions, e-money institutions, investment firms, money exchangers, investment management companies, mutual insurers and benefit institutions, insurance intermediaries and dealers, notaries, receivers and trustees in bankruptcy, financial investment advisors, real estate brokers, chartered accountants, auditors, dealers in high-value goods, auctioneers and auction houses, bailiffs, lawyers, participants in stock exchange settlement and delivery, commercial registered office providers, gaming centers, companies involved in sports betting and horse racing tips, and casinos
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 464 (2014); Convictions: 424 (2013)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 9 High :
Largely Compliant : 29 Substantial :
Partially Compliant : 10 Moderate :
Non-Compliant : 1 Low :

BASEL i

Rank : 122/141
Score : 3.92/10

TRANSPARENCY INTERNATIONAL i

Rank : 23/180
Score : 69/100

Tax Justice Network i

Rank : 33/133
Score : 50/100