Wallis and Futuna 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
Wallis and Futuna is a French overseas 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
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 67 |
| World Bank: Control of Corruption Percentile Rank | 84 |
Wallis and Futuna, as a French overseas collectivity, is subject to France's anti-corruption laws, including the "Loi Sapin II" which aims to enhance transparency and combat corruption. Despite these efforts, concerns remain regarding the effectiveness of enforcement, particularly in cases of foreign bribery, as the number of convictions remains low and certain legal frameworks hinder prosecution. France's commitment to anti-corruption is further complicated by political appointments of individuals with corruption allegations, raising questions about the integrity of public officials.
Economy
Wallis and Futuna has a lower-middle-income agrarian economy that relies heavily on French subsidies and traditional subsistence agriculture, with primary industries including copra, handicrafts, fishing, and lumber. Approximately 80% of the labor force is employed in agriculture, focusing on crops like coconuts, yams, and taro, while the economy faces challenges due to a high dependency on imports and limited infrastructure.
The investment climate in Wallis and Futuna benefits from its status as a French overseas collectivity, which provides a stable legal framework and access to French markets. However, challenges such as reliance on subsidies, limited infrastructure, and the territory's small size and remote location may hinder large-scale investment opportunities.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
