The Cocos (Keeling) Islands is a territory of Australia. Information for Australia may be included below:

FATF Status

Australia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Australia was undertaken in 2024. According to that Evaluation, Australia was deemed Compliant for 18 and Largely Compliant for 12 of the FATF 40 Recommendations. It remains Highly Effective for 1 and Substantially Effective for 4 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Australia has a robust legal framework to combat corruption, characterized by transparent government procurement and active participation in international anti-corruption efforts. The Criminal Code Act 1995 criminalizes bribery of foreign officials, imposing severe penalties for individuals and corporations. While corruption is generally not seen as a barrier to business, risks do exist, particularly in foreign bribery and the mining sector, with various independent commissions at both national and state levels dedicated to ensuring integrity and transparency.

The economy of the Cocos (Keeling) Islands is primarily based on copra products and a developing tourism sector focused on water-based activities. Due to limited local agricultural production, most food and necessities are imported, with Australia being the main source of imports and the US, UK, and France as key export partners.

The investment climate in the Cocos (Keeling) Islands benefits from its status as an Australian territory, providing stability and a legal framework that facilitates business operations. With plans to upgrade the airport for military and surveillance purposes, there is potential for increased investment in infrastructure and tourism, further enhancing the islands' economic significance.