Cocos (Keeling) Islands Country Summary
Sanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Lower Concern
Corruption
Lower Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
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.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 77 |
| World Bank: Control of Corruption Percentile Rank | 96 |
Australia has a robust legal framework to combat corruption, with transparent government procurement processes and active participation in international anti-corruption initiatives. The country enforces strict laws against bribery of foreign officials, with significant penalties for violations, and various agencies work to ensure integrity in public service. Despite challenges such as human trafficking and organized crime, Australia maintains a strong governance structure and support systems for victims.
Economy
The economy of the Cocos (Keeling) Islands is primarily based on copra production and tourism, with a growing focus on water-based activities. The islands rely heavily on imports from Australia for food and necessities, while local employment is supported by the Cocos Islands Cooperative Society Ltd. in the construction and tourism sectors.
The investment climate in the Cocos (Keeling) Islands benefits from its status as an Australian external territory, offering stability and governance. However, potential investors may face challenges due to the limited size of the local market and a heavy reliance on imports. Recent infrastructure improvements, particularly to the airstrip, along with the Australian government's commitment to enhancing local services, suggest a growing interest in the islands' strategic development.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings