French resistance

Deputies in the French parliament have lately been pointing the finger at other jurisdictions’ anti-laundering controls, but how effective is France’s own regime? Fabien Buliard investigates.

Fabien Buliard

In recent months, the mention of France and money laundering in the same sentence has had less to do with French illegal activities than with the eagerness of a parliamentary mission to denounce the poor record of some of France’s neighbours in the fight against money laundering. Two years ago, French deputies Arnaud Montebourg and Vincent Peillon set out to investigate the obstacles to the control and reduction of money laundering within Europe. Four volumes have been published so far, covering the principality of Liechtenstein, Monaco and Switzerland. The most recent instalment, published in October 2001, is a report on the United Kingdom, a more unusual suspect, and its territories overseas.The report accuses the UK of ignoring many of its anti-laundering obligations, of being reluctant to collaborate with foreign courts and, unsurprisingly , was met with little enthusiasm by the British.