Pitcairn Country Summary

Pitcairn 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.

Pitcairn, as a British Overseas Territory, follows the UK's legal framework, including the Bribery Act 2010, which addresses bribery both domestically and internationally. While instances of corruption exist, they are not seen as significant barriers to business by U.S. investors. The UK has a strong legal system for combating corruption, with the Serious Fraud Office investigating serious fraud and bribery, and has implemented measures like the Unexplained Wealth Order to trace illicit assets.

The economy of Pitcairn is a small territorial economy that relies heavily on exports such as postage stamps, handicrafts, and high-quality honey, while also engaging in agriculture and fishing for sustenance and trade. It faces significant challenges due to limited infrastructure and a dependence on aid from the UK and EU, particularly after the COVID-19 pandemic, which has impacted its economic sustainability.

The investment climate in Pitcairn is hindered by its small population and limited economic opportunities, which discourage potential migrants and investors. Although the government has attempted to attract new residents through substantial financial investment requirements, these efforts have largely been unsuccessful.