Bank of China's payment of nearly €4 million to settle charges of laundering the proceeds of tax fraud and other crimes in France could spur similar settlements of cases against banks in the country, sources told ACAMS moneylaundering.com. On Tuesday, prosecutors in Paris disclosed a "convention judiciaire d'interet public," or CJIP, with the Beijing lender for processing nearly €40 million of suspicious funds involving 168 accounts in China from 2012 to 2014, without properly vetting the clients involved or their transactions. French CJIPs came into force in December 2016 and have been used eight times prior to BoC, including once...
In November 2017, HSBC's Swiss branch became the first company to defer prosecution in France under a U.S.-styled legal mechanism after helping more than 100,000 clients, including nearly 9,000 French taxpayers, conceal billions of euros in a scheme that ran for several years.
France's record €1 million penalty against Western Union for a litany of anti-money laundering violations signals an increasingly aggressive enforcement approach, sources told ACAMS moneylaundering.com.
Private banks and money exchangers in France submitted fewer reports of suspicious activity in 2018 while most other regulated businesses and professions significantly increased their filings, according to Tracfin, the nation's financial intelligence unit.