Despite repeated calls from the French banking industry for updated rules and clarification on anti-money laundering practices following a series of high profile investigations, it appears that the government has no plans to amend anti-fraud legislation any time soon.
In a newspaper interview given recently, Marylise Lebranchu, the French Minister for Justice, revealed that although the government has plans to introduce 'early warning systems' to allow suspect cheques to be sorted, and wants the financial services industry in general and the banking sector in particular to be 'vigilant', it will not be reviewing the anti-money laundering legislation currently in place.
Ms Lebranchu explained that this was because any legislative or regulatory changes might affect the 200 or so money laundering cases currently making their way through the French courts. However, many feel that the forthcoming election in April is more likely to be the source of the delay.
Speaking to the Financial Times, Jean Veil, one of the lawyers who defended former finance minister Dominique Strauss-Kahn during an investigation into alleged forgery, observed that: 'Politicians remain very, very timid on these judicial problems...Even those who are considering reforms won't do it before the elections.'
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