Tracfin

Tracfin (Traitement du renseignement et action contre les circuits financiers clandestins) is a service of the French Ministry of Finances fighting  money laundering. TRACFIN is an operational unit that is the sole collection point for suspicious transaction reports. The Order of 30 January 2009, which transposed the 3rd European Anti-Money Laundering Directive into national law, extended the scope of TRACFIN's investigations by requiring that a suspicious transaction report be submitted whenever the reporting party knows, suspects or has good reason to suspect that a transaction is based on an offense that is punishable by more than one year's imprisonment or is connected to terrorist financing (Article L. 561-15-I Monetary and Financial Code). Tax fraud is now part of the scope of underlying offenses covered by the Order. Nevertheless, the law provides that, in cases of tax fraud, the suspicious transaction report must contain at least one objective element included in the list established by Decree 2009-874 of 16 July 2009. Based on these reports, or on intelligence received from its foreign counterparts, TRACFIN gathers, analyses, supplements and make use of any and all intelligence in order to establish the criminal origin or destination of a transaction (Article L. 561-23-II paragraph 2 Monetary and Financial Code). When the investigation reveals facts that may constitute an offense punishable by more than a year's imprisonment, TRACFIN must refer the case to the public prosecutor's office (Article L. 561-23-II paragraph 3 Monetary and Financial Code). The State Prosecutor informs TRACFIN of all final court orders relating to suspicious transactions that have been reported (Article L. 561-24 paragraph 2 Monetary and Financial Code).