Created in 1990 as part of the international mobilization against dirty money initiated by the G7 (a discussion group and economic partnership of seven countries among the largest economic powers in the world: United States, Japan, Germany, France, United Kingdom, Italy, Canada.), TRACFIN is an administrative service for processing financial intelligence that contributes to the development of a healthy economy by combating clandestine financial circuits, money laundering and the financing of terrorism. It is placed under the dual authority of the Minister for the Economy and the Minister for the Budget, (TRACFIN -10 rue Auguste Blanqui -93186 MONTREUIL SOUS BOIS Cedex -Tél 01 57 53 27 00).
TRACFIN is the French financial intelligence unit (FIU) whose mission is to prevent clandestine financial circuits, money laundering and the financing of terrorism. It has a large degree of autonomy and operational independence to carry out its missions.
Prior to the judicial phase, the unit collects, analyses, enriches and exploits any intelligence that may help to establish the origin or criminal destination of an operation.
WHY ARE THE REAL ESTATE AGENTS CONCERNED?
The various reports published by the Financial Action Task Force (FATF)* show that the real estate sector generates numerous financial transactions. It is a sector of activity that is sensitive to money laundering techniques, and real estate agents can therefore be a prime target in the strategy of illicit capital recycling, as they are exposed to heavy solicitation.
As such, Knight Frank therefore undertakes to pay particular attention to the various provisions required by TRACFIN and must hold the following information about its seller and buyer clients:
- Proof of identity
- Proof of address
- Proof of ownership
- When a property is owned by a company, statutes and registration documents of the company and full details of the manager(s) with proof of identity and proof of address.
More informations: https://www.economie.gouv.fr/tracfin