Who fights against money laundering?
- Who fights against money laundering?
- Who is subject to the LCB-FT?
- Who is concerned by the fight against money laundering and the financing of terrorism?
- When is whitening considered to be aggravated?
- Which professionals are subject to the obligations to combat money laundering and the financing of terrorism?
- What is the role of FATF?
- How to fight against money laundering?
- How do I report money laundering?
- What are the different types of money laundering techniques?
- How to circumvent money laundering regulations?
The DG Trésor sits on and represents the French delegation within the Financial Action Task Force (GAFI), an intergovernmental organization created in 1989 who has 39 members. It also monitors the activity of FATF-type regional bodies, such as Moneyval in Europe.
Pursuant to Article L. 561-2 of the Monetary and Financial Code, the obligations of AML–FT apply to “insurance intermediaries defined in Article L. 511-1 of the Insurance Code except those who act under the entire responsibility of the organization or the insurance broker”.
The fight against money laundering of capital and the financing of terrorism (LCB/FT) must be a collective and partnership priority, shared between public authorities and private sector professionals, particularly in view of the evaluation of France by the FATF in 2020.
1° When he is committed in a habitual manner or by using the facilities provided by the exercise of a professional activity; 2° When he is committed in an organized gang.
Which professionals are subject to the obligations to combat money laundering and the financing of terrorism?
The Banque de France and the issuing institutions 712-4 of the same code are subject to anti-money laundering obligations money and the financing of terrorism according to article L. 561-2 5°) of the monetary and financial code.
The objectives of FATF are developing standards and promoting the effective application of legislative, regulatory and operational measures to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The answer to this question can be summed up in a few words: thanks to the “fight against money laundering”, ie the processes implemented by banks and other financial institutions to detect suspicious activities.
The recipient of these reports is TRACFIN, the financial intelligence service of the Ministry of Action and Public Accounts. To help with the transmission of reports, the ERMES dematerialized platform is made available to professionals required to report all suspicious cases of money laundering.
Money laundering techniques are more or less complex. The most common method is to launder the dirty money through another cash transaction company. Many criminal organizations own several “front companies”, such as restaurants or casinos.
According to the directives in force within the European Union in terms of money laundering, all transactions of an amount greater than or equal to €10,000 must be investigated. Structuring makes it possible to circumvent this regulation by making several deposits of a lower amount, and therefore less suspicious.