Analyse
14 juillet 2020

La France finalise la transposition de la 5ème directive anti-blanchiment en adoptant de nouvelles dispositions en matière de lutte contre le blanchiment de capitaux et le financement du terrorisme (En anglais)

Bastille Day Newsletter 2020 - Legislative, Regulatory & Policy Updates

 

On February 13, 2020, the French government published an Order1 transposing into French law the fifth European Anti-Money Laundering Directive2 entered into force on July 10, 2018. The provisions of the Order are transposed into Articles L. 561-1 to L. 566-3 and R. 561-1 to R. 562-5 of the Monetary and Financial Code (CMF) and aim to strengthen the AML/CFT mechanism by taking account the evolution in money laundering patterns.

I. Modification of the scope of entities subject to AML/CFT obligations3

The Order brings the scope of persons subject to AML/CFT obligations in line with European requirements, notably by including in the perimeter of AML/CFT control subsidiaries of financial sector companies, as well as tax advisory activities carried out by legal professionals4. The latter, previously excluded from the list, now join other legal counsels offering fiduciary and transaction advisory services and become subject to customer due diligence obligations. In addition, the autonomous funds for lawyers’ pecuniary settlements (CARPA) are now also subject to the AML/CFT obligations, as are the clerks of the commercial courts. Conversely, professionals in the art and property rental sectors will only be subject to the AML/CFT obligations for transactions above 10,000 euros and property management companies will no longer be subject to any obligations6.

II. Clarification of supervisory authorities’ obligations regarding AML/CFT control

The Order further clarifies AML/CFT control requirements expected to be met by the supervisory authorities. They must develop a good understanding of the specific risks of money laundering and terrorist financing presented by the supervised entities and need to adapt their control mechanism on a case by case basis to reflect these risks in the assessment. They are also required to review the assessment periodically or when major changes occur in management or activities. The authorities shall determine the frequency and intensity of their documentary and on-site inspections, taking into account, in particular, the risk profile of the persons subject to AML/CFT control7. In addition, a procedure for reporting breaches related to AML/CFT obligations through secure and anonymous channels is systematised for all supervisory authorities8. In fact, the reporting procedure issued from the Sapin 2 law which created a status of whistleblower in French law is also applicable to AML/CFT alerts.

III. Adjustment of the obligation of complementary vigilance

The Order also adjusts specific customer due diligence obligations. Additional due diligence measures are required to be introduced against high-risk third countries identified by the European Commission and the Financial Action Task Force9. Remote business relationships, however, are no longer considered to present a high risk of money laundering, requiring the systematic implementation of additional vigilance measures10. In addition, the concepts of correspondent banking and transit accounts, which receive special attention from regulatory bodies because of the risks inherent in these processes, have been clearly defined11.

IV. Register of beneficial owners: new rules for public access and strengthened liability for violation of declaration requirements

The beneficial owners are required to provide information allowing their identification. Beneficial owners who fail to make a declaration or report inaccurate or incomplete data may be subject to criminal proceedings12, leading to sanctions such as fines, ban from managerial responsibilities, and partial deprivation of civil and political rights. The supervisory authorities as well as persons subject to AML/CFT are required to report the absence of registration or any discrepancy between the information registered and the information available to them13.

Until recently, the public access to the register of beneficial owners was conditioned to a demonstration of a legitimate reason before the judge in charge of keeping the register14. The new rules no longer mention any specific requirement for public access to the register15. They however limit the scope of information that can be freely accessed by the public. That being said, information contained in the register is fully accessible to the authorities involved in the AML/CFT control16 and to persons subject to the AML/CFT legislation if their request is related to the abovementioned obligations17.

V. Enhanced role of TRACFIN18

The Order reinforces the confidentiality of the right of opposition that TRACFIN may address to any person subject to the AML/CFT obligations concerning a transaction suspected of constituting a money laundering operation19. Going forward, supervisory authorities cannot, under penalty of pecuniary sanctions, communicate to any unauthorised third persons, as well as to the author of the suspected operation, the existence of TRACFIN’s decision to stop the operation. TRACFIN’s ability to exchange information with its foreign counterparts is also reinforced20. Furthermore, provisions enabling it to exchange information with other French intelligence services are added21.

VI. Reinforced cooperation between supervisory bodies at national and European level

The information exchange between national and foreign supervisory authorities has been amplified. Notably, the Prudential Control and Resolution Authority (“Autorité de Contrôle Prudentiel et de Résolution” or “ACPR”), the Customs Administration and the French Anti-Corruption Agency (“AFA”) might exchange the information that can be useful for the performance of their respective missions22. Similarly, the Order also provides for enhanced coordination between national and European authorities, including the European Central Bank23.

Contenu similaire

Publication
Livre blanc - L'enquête interne en matière sociale
15 juillet 2022
Livre blanc Enquête interne en matière sociale
L’appréhension par la matière sociale de l’enquête interne. Dans le contexte du développement de la pratique de l’enquête interne ces dernières années en Fra...
Analyse
Lobbying les obligations déclaratives des représentants d’intérêts en France
14 juillet 2022
Lobbying : Les obligations déclaratives des représentants d’intérêts en France
Mise en lumière des obligations déclaratives imposées aux représentants d’intérêts en France, prévues par la loi n° 2013-907 du 11 octobre 2013 modifiée par la...
Actualité
ABA
6 décembre 2022
Lancement du guide international des enquêtes internes en entreprise
NAVACELLE co-organise le lancement du guide ABA à Dubaï aux côtés de Al Tamimi & Company, Bär & Karrer et Cadwalader, Wickersham & Taft LLP.
Revue de presse
Week of 28 November 2022
2 décembre 2022
Revue de presse – Semaine du 28 novembre 2022
Cette semaine vous découvrirez plusieurs évènements judiciaires importants : la Cour de cassation a apporté des précisions sur la qualité de victime d’un acte de ...
Revue de presse
Revue de presse - Semaine du 21 novembre 2022
25 novembre 2022
Revue de presse – Semaine du 21 novembre 2022
Cette semaine vous découvrirez l’ouverture d’une enquête préliminaire du parquet national financier pour détournement de fonds publics. Par ailleurs, vous trouver...
Événement
Ifaci demain en main - vignette
24 novembre 2022
Table ronde – Allégations & Enquêtes
Stéphane de Navacelle participera à la conférence annuelle de l'IFACI " Demain en mains " sur le thème Allégations - Enquêtes, lundi 28 novembre 2022.
Analyse
23 novembre 2022
La CJUE limite la conservation généralisée des données en matière de surveillance
Le 20 septembre 2022, la Cour de justice de l’Union européenne a rendu deux arrêts concernant les conditions dans lesquelles les Etats membres sont autorisés à cons...
Analyse
21 novembre 2022
CJIP Crédit Suisse pour blanchiment aggravé de fraude fiscale et démarchage illicite
Le Crédit Suisse échappe aux poursuites judiciaires et accepte le paiement d’une amende d’intérêt public de 123 000 000 d’euros dans le cadre de la 13ème CJIP ...
Revue de presse
Revue de presse - Semaine du 14 novembre 2022
18 novembre 2022
Revue de presse – Semaine du 14 novembre 2022
Cette semaine vous découvrirez trois évènements marquants : la première condamnation en France d’un ancien chef rebelle libérien par la cour d’assises de Paris, ...
Analyse
Autorité de la concurrence - Google
18 novembre 2022
Les récentes sanctions de Google par l’Autorité de la concurrence : serveurs publicitaires et droits voisins
En 2021, l’Autorité de la concurrence a infligé plusieurs amendes à Google pour s’être livré à des pratiques anticoncurrentielles liées d’une part à la rém...
Événement
17 novembre 2022
Identification des acteurs contractuels de la Compliance
Julie Zorrilla est intervenu à la Colloque "Contrat et compliance : les acteurs et leurs stratégies" à l'Université de Nîmes.
Événement
17 novembre 2022
Cambridge Forum : L’assistance juridique mutuelle s’est dévoyée !
Pourquoi se préoccuper des traités d'entraide judiciaire quand le droit local est mondial et que les procureurs échangent des informations sur WhatsApp ?
Revue de presse
Revue de presse - Semaine du 7 novembre 2022
14 novembre 2022
Revue de presse – Semaine du 7 novembre 2022
Cette semaine, vous trouverez des précisions apportées par la Cour de cassation sur la légalité d’une extradition d’un ressortissant de l’Union européenne vers...
Événement
9 novembre 2022
Webinaire : Une approche comparative du secret professionnel dans les procédures pénales
Stéphane de Navacelle est intervenu lors du webinaire Mondaq /Monfrini Bitton Klein sur le "secret professionnel et le "attorney-client privilege" dans les procédures p...