In April 2003 France passed legislation designed to repress mercenary activities. Even if this law severely constrains the so-called ‘romantic’ mercenaries as personified by Colonel Bob Denard, it completely leaves to one side the phenomenon of private military companies (PMCs) that has emerged in Iraq and is currently upsetting the international balance of power. The aim of this article is to demonstrate how this lack is prejudicing the future and the permanence of the geoeconomic action of France and the defence of its strategic interests abroad.