New Caledonia Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Low Concern
Corruption
Low Concern
US State ML Assessment
Medium 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
New Caledonia is a special collectivity of France. Information for France may be included below:
FATF Status
France is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in France was undertaken in 2022. According to that Evaluation, France was deemed Compliant for 19 and Largely Compliant for 18 of the FATF 40 Recommendations. It was rated Highly Effective for 3 and Substantially Effective for 6 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 | 67 |
| World Bank: Control of Corruption Percentile Rank | 84 |
New Caledonia, as a special collectivity of France, is subject to French laws aimed at combating corruption, including the 2017 "Restoring Confidence in Public Life" law and the "Loi Sapin II," which established an anti-corruption agency and enhanced transparency measures. Despite these efforts, concerns remain regarding the effectiveness of enforcement against foreign bribery, with few convictions and significant challenges in prosecuting such cases. The OECD has noted that while France has made some progress, many recommendations for improving its anti-corruption framework remain unimplemented, highlighting ongoing issues with the independence of the judiciary and the need for greater awareness and training among officials.
Economy
New Caledonia's economy is primarily driven by its significant nickel reserves, contributing to a GDP of approximately $9.623 billion in 2021 and a nominal GDP per capita of around $35,700. The territory faces challenges such as high living costs, income inequality, and a reliance on imports, particularly for refined petroleum and food, leading to a trade deficit.
New Caledonia has a mixed investment climate, supported by significant French financial aid that constitutes over 15% of its GDP. However, potential investors face challenges due to ongoing political uncertainties surrounding independence referenda and the volatile nickel market, alongside high living costs and structural imbalances that can deter foreign investment. Despite these issues, there are growth opportunities in sectors like tourism and construction, particularly with enhanced infrastructure and strategic partnerships.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings