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 established 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 individuals and corporations found guilty. While corruption is generally not seen as a barrier to business in Australia, risks remain, particularly in foreign bribery and the mining sector, with various independent commissions at both national and state levels dedicated to investigating and preventing corruption.

Norfolk Island has a high-income economy primarily driven by tourism, light industry, and re-exportation, although it has experienced a decline in labor force participation. The economy is supported by its unique status as a former tax haven and an emerging exporter of medical cannabis, while also relying heavily on imports, particularly from Australia and the Philippines.

The investment climate in Norfolk Island has been influenced by a shift from self-governance to a local council under Australian administration, raising concerns about the effects on local businesses and investment opportunities. Despite these challenges, there is potential for growth in sectors like tourism and medicinal cannabis, which could attract future investments. The involvement of the Australian government may also create a more stable environment for investors.