Blanchiment de capitaux et financement du terrorisme : actualisation de l’Analyse Nationale des Risques du COLB

On 20 February 2023, the AMF issued a press release, informing about the adoption by the COLB of an updated version of the NRA on ML/TF, which takes into account the recommendations of the FATF and which has benefited from the contributions of professionals from all sectors engaged in AML/CFT, aiming to nationally identify the threats, vulnerabilities and the resulting level of risk in terms of ML/TF.
As a member of the COLB, the AMF participated in the drafting of this update of the NRA, which is the result of joint work by all the French State services concerned by AML/CFT as well as the competent control and sanction authorities. The publication of the NRA meets European obligations as well as FATF standards. It contributes to the good understanding of ML/TF risks that the 1st FATF Recommendation and the 4th AML-CFT Directive impose not only on States, but also on European authorities, national supervisory authorities and obliged entities.
As in 2019, with regard to money laundering, the main risks are: tax, social and customs fraud, drug trafficking and theft and fraud. In terms of terrorist financing, the methods of financing remain similar to the previous analysis with a majority of microfinance via three vectors: networks of fundraisers, the use of innovative methods of financing, and to a lesser extent, the misuse of non-profit organizations.
The financial sector, characterized by its strong position in the French economy, the accessibility of banking and financial services and the direct handling of funds by financial institutions, concentrates most of the risks of money laundering. The use of complex financial arrangements, the rise of digital assets and transactions involving the use of cash (transmission of funds, electronic money instruments) constitute very high risks identified in this NRA 2023 for the sector. In addition, other activities such as manual currency exchange, banking correspondence outside the European Union or crowdfunding intermediaries have been classified as high risk.
The non-financial sector can also be used for money laundering or terrorist financing purposes. The NRA 2023 identifies the real estate sector in particular, because of its weight in the economy, its attractiveness and its dynamism, as presenting a high risk. Furthermore, the sports agents sector evaluated for the first time in this NRA was considered to present certain vulnerabilities which justify its classification as high risk.
The publication of the updated NRA allows entities subject to AML/CFT obligations to better identify the ML/FT risks they face in their respective activities, based on the experience of State services, with illustrative examples. It also highlights the mitigation measures taken by France, often a pioneer in terms of regulation and efficiency, in the face of these risks.