French defence

French banks are on notice that money laundering is a serious threat and they are beginning to look for software solutions. Fabien Buliard reports from Paris.

France, at least until recently, was considered an exemplar in the fight against money laundering, an activity more associated with some neighbouring tax havens. French politicians were quick to push through regulations that made it compulsory for financial services firms to report suspicious activity in the early 90s (see “French resistance”, MLB December 2001) and overall there was a quiet domestic confidence that the French banking system was not a platform for major money laundering. However, the French financial services industry is now facing the possibility that such faith in its integrity might have been misplaced.