Falkland Islands (Malvinas) 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
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, follows the UK's legal framework regarding corruption and bribery. The UK Bribery Act 2010 establishes strict regulations against bribery, holding companies accountable for preventing corrupt practices, even if they occur abroad. The Serious Fraud Office effectively investigates allegations of corruption, and recent enhancements to the Unexplained Wealth Order regime allow for deeper scrutiny of assets that appear disproportionate to lawful income.
Economy
The economy of the Falkland Islands is primarily driven by fishing, tourism, and sheep farming, with fishing contributing between 50% and 60% of the annual GDP. Despite being ranked 221st globally by GDP (PPP), the islands have a high standard of living, ranking 10th in GDP (PPP) per capita, and the local currency is pegged to the British pound sterling.
The investment climate in the Falkland Islands is significantly shaped by ongoing oil exploration, particularly the Sea Lion project, which presents potential for economic growth despite environmental concerns and geopolitical tensions. The local government has the authority to approve oil developments, making it a critical area for future investments. Additionally, investments in education and sports by the government further enhance the investment landscape, reducing reliance on UK aid.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
