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's economy is primarily driven by tourism, light industry, and the export of products such as pine seeds and medicinal cannabis. The island faces challenges due to limited transportation infrastructure and a reliance on imports, while its small labor force is experiencing a declining participation rate, leading to an increase in part-time jobs.

The investment climate in Norfolk Island has been shaped by recent governance changes, transitioning from self-governance to a local council system under Australian law, which has raised concerns among residents regarding local business impacts and economic autonomy. The introduction of income tax and alignment with mainland Australian laws is altering the economic landscape, yet many islanders feel disconnected from decision-making processes. Despite these challenges, there remains potential for growth in tourism and agriculture, contingent on effective governance and infrastructure development.