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Enhancing Tracfin's Expertise: Navigating Digital FinanceVirtual Assets for Growth and Innovation

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Reforming to Unlock Digital Growth Potential and Innovating Solutions for Citizens and Businesses

Project Description:

This initiative bolster the expertise of France’s Financial Intelligence Unit Tracfin with respect to digital finance and virtual assets. This comes at a critical juncture, as technological advancements have rapidly reshaped traditional banking sectors, leading to increased complexity in financial landscapes. To combat evolving risks, proactive measures are imperative for Tracfin to adapt its investigation techniques swiftly.

Context:

Digital technologies have become integral across various sectors of the financial system. Consequently, there is an urgent need for Financial Intelligence Units FIUs like Tracfin to cultivate robust knowledge and experience in digital finance domns such as mobile banking, e-commerce, contactless payments, FinTechs, open finance, money service businesses, asset management, as well as virtual assets including crypto-assets and virtual asset service providers.

Support Delivered:

In collaboration with the Council of Europe’s Economic Crime and Cooperation Division, which has extensive experience in AML-CFT supervision and investigation, this project will offer Tracfin an in-depth cross-border assessment outlining the necessary capacities and capabilities to address risks associated with digital finance and virtual assets. This comprehensive analysis will be complemented by discussions with two other FIUs - Belgium’s and Luxembourg's agencies.

A trning plan will then provide a foundational knowledge base for all Tracfin agents, encompassing analysts and investigators. Specialized modules will cater to operational needs, including those of cyber-specialists and certn agents in high-level roles such as operational teams. To ensure the sustnability of this capacity development effort, trn-the-trners’ modules will be incorporated.

Expected Outcomes:

The project is designed to facilitate a deeper understanding, identification, and mitigation of emerging risks related to digital finance and virtual assets within financial ecosystems. By enhancing its digital investigation capabilities and adapting procedures in response to digitalization, Tracfin strengthen its role as a pivotal link between supervised entities subject to AMLCFT obligations and law enforcement agencies.

By completing this project, Tracfin will be well-equipped to navigate the complexities of digital finance and virtual assets, ensuring robust investigations, effective analysis, and adaptable operational procedures that meet the challenges posed by technological advancements in finance.
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