France Backs New FATF Standards
Tuesday, February 21, 2012
French Finance Minister François Baroin has welcomed the adoption
of the new Financial Action Task Force (FATF) anti-money laundering (AML) standards following a lengthy process
undertaken in close consultation with the private sector and civil society.
Underscoring the great importance that France attaches to combating money laundering
and the financing of terrorism, the French minister pointed out that France
has already shown itself to be exemplary in its commitment to the ongoing fight.
During a recent evaluation by the FATF, France was ranked among the three best performing
countries in this field, Fillon noted.
François Baroin welcomed in particular the advances aimed at strengthening
the effectiveness of the FATF in its mission to protect the integrity of the
financial system against illicit activities, notably the inclusion of tax fraud
in the range of offences, the strengthening of controls for public officials,
susceptible, due to their particular roles and responsibilities, to a risk of
The minister also accorded specific praise to the decision to extend the standards
to include combating the financing of the proliferation of weapons of mass destruction,
and welcomed both the increased requirement for all states in terms of transparency
of corporations and trusts, and measures to improve international cooperation
and information exchange as well as to strengthen the power of public authorities.
Baroin emphasized that the progress was the result of works carried out notably
under the French presidency of the G20, within the framework of the priority
France accorded to the fight against jurisdictions deemed to be non-cooperative
and to the prevention of corruption.
The minister underlined his determination to ensure that the new standards
are implemented in full and urged the FATF to be particularly vigilant during its
next evaluation cycle.