The fight against money laundering and terrorist financing (ML/TF) is a critical priority for French authorities, as highlighted in the latest report by the Conseil d’Orientation de la Lutte contre le Blanchiment et le Financement du Terrorisme (COLB), published in October 2024. This report, a product of collaboration between public and private actors, provides a consolidated view of efforts undertaken in 2023. It sheds light on important trends in prosecuting and preventing these crimes. Here’s an analysis of the report’s key findings.
Fewer Prosecutions but Harsher Sanctions
According to the statistical data, 4,440 individuals were prosecuted for money laundering offenses in 2023, a decrease of 5.9% compared to 2022. This decline primarily affects simple money laundering cases (-8.5%), while aggravated money laundering recorded a smaller drop (-4.9%).
However, this reduction in prosecutions does not indicate a lack of vigilance. On the contrary, courts have intensified penalties for the most severe offenses. Fines for aggravated money laundering reached a record average of €600,000 in 2023, illustrating a clear intention to deter criminal practices through significant financial penalties.
A Penal Response Focused on Imprisonment
In 2023, 3,330 individuals were tried for money laundering, of whom 2,553 were convicted. Prison sentences remain the predominant form of punishment, accounting for over 75% of all penalties. Among these, 35.7% included either full or partial custodial sentences, a figure consistent with previous years.
Drug trafficking-related money laundering remains the most harshly penalized category, with an average prison sentence of 22.8 months. This underscores the importance of targeting criminal networks that rely on laundering activities as a core operation.
Targeted Efforts on Complex and Organized Crimes
The report highlights increased efforts to combat sophisticated forms of money laundering, particularly those involving organized criminal groups or professional activities. Such aggravated offenses receive special attention due to their severity and the large sums of money involved.
Additionally, terrorist financing is treated with the utmost rigor. In 2023, every individual tried for this offense was convicted, with the majority receiving custodial sentences.
Progress Through Better Coordination
One of the strengths of France’s strategy lies in the coordination between various actors involved in ML/TF efforts. The Cassiopée statistical database, used to collect and analyze case data, provides a detailed and uniform view of cases processed by courts. This centralization helps identify trends and adjust public policies accordingly.
Moreover, the report highlights the growing effectiveness of collaborations between the Ministry of Justice, law enforcement agencies, customs authorities, and regulated professions. These synergies are crucial for detecting and preventing offenses upstream.
Future Challenges and Opportunities
Despite the progress, challenges remain. The decline in prosecutions may reflect the increasing complexity of financial schemes, which make investigations lengthier and more technical. Furthermore, money laundering related to emerging technologies, such as cryptocurrencies, poses a new threat that demands adjustments in monitoring systems.
To address these challenges, France must continue investing in investigator training, enhancing technological tools, and fostering stronger international cooperation.
The COLB 2024 report demonstrates that France remains committed to combating money laundering and terrorist financing. By imposing stricter penalties and strengthening collaboration among stakeholders, it asserts its position as a key player in the fight against these complex crimes. However, maintaining effectiveness will require adapting strategies to new economic and technological realities.
