Tracfin, the financial intelligence unit affiliated with the French Ministry of Economy and Finance, specialized in combating money laundering, terrorism financing (AML/CFT), and tax fraud, has recently reached an agreement with the European Public Prosecutor’s Office.

Simplification of Exchanges

The agreement aims to simplify the exchange of information related to suspicious financial transactions associated with criminal acts and offenses within the jurisdiction of the independent body of the European Union. Bercy, in a statement, also highlights the joint efforts of both parties to make the fight against money laundering and financial offenses that harm the interests of the European Union as effective as possible.

It will primarily facilitate the exchange of information between the two entities regarding ongoing prosecutions, which will be largely automated. The exchanges will also cover new types of fraud.

Towards the Creation of a New Entity

Following the establishment of the European Public Prosecutor’s Office, EU member states will strengthen the institutions responsible for combating money laundering and financing terrorism (AML/CFT) by creating a new entity: the Anti-Money Laundering Authority (ALBC). This initiative will take the form of a regulation to bypass the difficulties associated with transposing directives into national law. It is also part of a broader legislative framework.

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Did You Know?

According to Europol, the European law enforcement agency, approximately 1% of the annual gross domestic product of the European Union (EU) (€15,810 billion in 2022) is “identified as being involved in suspicious financial activity.”