AML-FT: activity of reporting professions – 2023 report

Summary:

Tracfin, the French financial intelligence unit, has released its 2023 report on the fight against money laundering and terrorist financing (ML/TF). The report highlights a significant increase in the number of suspicious transactions detected, with a 15% rise compared to 2022 and a 7-fold increase over the past decade.

The financial sector remains the primary source of reports, accounting for over 94% of declarations received. Banks and credit institutions, as well as payment establishments, are the main contributors. Non-financial sectors, such as notaries, casinos, and game operators, have also reported a significant increase in suspicious transactions.

Tracfin received a total of 190,653 reports in 2023, with an emphasis on electronic money establishments and providers of digital assets. The report highlights the importance of sector-wide mobilization, with 146% and 339% increases in declarations from these sectors, respectively.

The report also stresses the need for quality improvement in declarations and highlights Tracfin's efforts to deploy a new online declaration form, designed in collaboration with professionals from 48 categories of reporting professions. This new form aims to provide more structured data to better analyze and combat ML/TF.