Norfolk Island 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.

Australia has a robust legal framework to combat corruption, characterized by transparent government procurement and active participation in international anti-corruption efforts. The Criminal Code Act 1995 criminalizes bribery of foreign officials, imposing severe penalties for both individuals and corporations. While corruption is generally not seen as a barrier to business, risks remain, particularly in foreign bribery and the mining sector, with various state-level agencies established to ensure accountability and integrity.

Norfolk Island has a high-income economy primarily driven by tourism and light industry, including ready-mixed concrete production. The island's budget reflects a slight deficit, with revenues of $4.6 million against expenditures of $4.8 million for the fiscal year 1999/2000, and it has transitioned from a tax haven to an exporter of medical cannabis.

The investment climate in Norfolk Island is influenced by its self-governing status under Australia, which affects local governance and economic policies. While there are opportunities in the tourism and agricultural sectors, investors may face challenges due to the island's limited infrastructure. Additionally, ongoing changes in regulations and local economic initiatives, particularly following the abolition of its Legislative Assembly in 2015, require potential investors to stay informed.