Falkland Islands (Malvinas) Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Low Concern
Corruption
Low Concern
US State ML Assessment
High Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Low Concern
Offshore Finance Center
Low 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
Bribery & Corruption
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 71 |
| World Bank: Control of Corruption Percentile Rank | 91 |
The Falkland Islands, as a British Overseas Territory, adhere to the UK's legal framework regarding corruption, primarily governed by the Bribery Act 2010. This Act establishes strict liability for bribery offenses, including those committed abroad, and mandates companies to implement robust anti-bribery measures to avoid corporate liability. The UK has a strong commitment to combating corruption, supported by effective enforcement agencies like the Serious Fraud Office, which investigates allegations of bribery and corruption, ensuring high ethical standards in business practices.
Economy
The economy of the Falkland Islands is primarily driven by fishing, tourism, and sheep farming, with fishing contributing 50% to 60% of the annual economic output. Despite being ranked 221st in the world by GDP (PPP), the islands enjoy a high standard of living, reflected in their 10th place ranking globally by GDP per capita.
The investment climate in the Falkland Islands is primarily focused on oil exploration, with projects like the Sea Lion initiative showing promise for significant economic growth and diversification beyond the fishing sector. Despite facing environmental and regulatory challenges, the local government retains control over oil development, reflecting a strategic effort to enhance economic resilience and reduce reliance on fishing licenses.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
