Falkland Islands (Malvinas) Country Summary
Sanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Lower Concern
Corruption
Lower Concern
US State ML Assessment
Higher 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 Falkland Islands (Malvinas) is a British Overseas Territory of the United Kingdom. Information for the United Kingdom may be included below:
FATF Status
The United Kingdom is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in the United Kingdom was undertaken in 2022. According to that Evaluation, the United Kingdom was deemed Compliant for 24 and Largely Compliant for 15 of the FATF 40 Recommendations. It remains rated Highly Effective for 4 and Substantially Effective for 4 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 71 |
| World Bank: Control of Corruption Percentile Rank | 91 |
The Falkland Islands, a British Overseas Territory, follows the UK's legal framework regarding corruption, which is governed by the Bribery Act 2010. This Act provides a comprehensive approach to combat bribery both domestically and internationally, holding companies accountable for preventing bribery by associated persons. The UK also faces challenges with organized crime, including human trafficking, drug markets, and cybercrime, while maintaining a commitment to tackling these issues through effective law enforcement and international cooperation.
Economy
The economy of the Falkland Islands is primarily driven by fishing, tourism, and sheep farming, particularly for high-quality wool exports, with the fishing industry contributing 50% to 60% of annual income. Despite being ranked 221st in the world by GDP (PPP), the islands enjoy a high GDP per capita, reflecting strong economic performance relative to their size, and recent developments in oil exploration and tourism are diversifying the economy.
The investment climate in the Falkland Islands is marked by a stable government and a strong commitment to economic diversification, particularly in oil exploration and tourism. The local government actively promotes foreign investment while ensuring that developments align with environmental sustainability and local interests, supported by infrastructure improvements that enhance connectivity and attract visitors.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings