France will seek to implement the European Union's latest anti-money laundering directive by September, nine months ahead of a mandated deadline, according to a French official.
The French government intends to move quickly to strengthen protections against terrorist financiers, including broadening investigatory access to data on suspected militants and toughening oversight of prepaid cards, a top official said Monday.
G-7 finance ministers on Friday weighed measures to tackle the financing of terrorism, including steps to streamline asset freezes and clamp down on grassroots donations to extremist groups.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
Beleaguered bank BNP Paribas SA will move several top compliance positions to New York City in a bid to please the U.S. Justice Department and American regulators preparing to fine the institution.
France's decision to shut down French banks in jurisdictions on a European Union tax haven blacklist will likely be mirrored by other countries, according to tax analysts.
Embattled French bank Societe Generale is among more than 140 institutions and individuals charged with money laundering for allegedly failing to spot a criminal network that moved more than $121 million from France to Israel in the late 1990s.
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