Austria Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
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Anti Money Laundering
FATF Status
Austria is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The latest Follow-up Report & Technical Compliance Re-Rating was completed in November 2018. According to that Evaluation, Austria was deemed Compliant for 18 and Largely Compliant for 18 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 3 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
Rating | 0 (bad) - 100 (good) |
---|---|
Transparency International Corruption Index | 71 |
World Bank: Control of Corruption Percentile Rank | 85 |
Austria has made significant strides in combating corruption, being a member of various international anti-corruption agreements and implementing a national strategy focused on transparency and awareness. Despite ranking 20th in Transparency International's Corruption Perceptions Index, recent scandals involving high-profile politicians have undermined public trust in the political system. While bribery is criminalized and anti-corruption laws are generally enforced, investigations can be slow, and there remains a small risk of corruption in public procurement.
Economy
Austria has a well-developed market economy characterized by a significant reliance on exports, which account for over 50% of its GDP, with Germany being its largest trading partner. Despite its strong industrial and service sectors, the economy faced a recession in 2023, marked by a -0.8% growth rate due to declining manufacturing and exports, high energy prices, and inflation that exceeded the Eurozone average.
Austria's investment climate is characterized by a welcoming attitude towards foreign direct investment, particularly in technology and R&D sectors, supported by political stability and high-quality infrastructure. However, challenges such as high labor costs, inflation, and a complex regulatory environment may deter potential investors. Despite these hurdles, Austria remains an attractive destination for investment, particularly in the automotive, pharmaceutical, and ICT sectors, with significant U.S. investment contributing to job creation.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings