Just a week after French President Jacques Chirac promised Caribbean leaders his support at the Caricom summit on St Kitts, the French Government has introduced tough new anti-money laundering legislation as part of a package of measures which immediately evoked criticism from business leaders.
The new legislation would give the French government the power to block suspect financial transactions destined for "problematic" offshore tax havens, which presumably would included those to be blacklisted by the OECD.
As part of the attack on money laundering, the bill would require companies to disclose their nominee shareholding relationships and give the Government the power to shut down 'shell' companies apparently being used as part of a laundering chain.
The bill is a response to events last year perceived as 'market excesses' such as the Michelin sackings and the battle for control of France's major banks. It imposes a raft of new rules on corporate takeovers, including advance notification to the Bank of France of any proposed acquisition of a financial institution. The wide-ranging package of measures also includes an attack on anti-competitive practices in the retail sector.
Christian Sautter, the Finance Minister, in an editorial in French business newspaper Les Echos describing the bill, wrote: ''Unbridled market forces heighten inequality," while Justice Minister Elizabeth Guigou said that France should set an example in fighting money laundering.
Let's hope that the Caribbean leaders who listened to President Chirac understand the subtleties of 'cohabitation' and are not too disappointed by the unapologetic timing of the new legislation.
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