Saint Pierre and Miquelon Country Summary

Saint Pierre and Miquelon is a self-governing territorial 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.

Saint Pierre and Miquelon, as a self-governing territorial overseas collectivity of France, is subject to French anti-corruption laws aimed at enhancing transparency and accountability in public life. The "Loi Sapin II" and other legislative measures have been implemented to combat corruption, including the establishment of an anti-corruption agency and requirements for lobbyists. However, despite these efforts, enforcement of foreign bribery laws remains inadequate, with few convictions and ongoing challenges in prosecuting such offenses, highlighting the need for further reforms and awareness-raising initiatives.

The economy of Saint Pierre and Miquelon is largely reliant on fishing and tourism, supported by significant government subsidies from France. Recent efforts to diversify the economy include promoting tourism and exploring oil and gas deposits, although challenges such as fishing quota disputes and a declining fishing fleet persist.

The investment climate in Saint Pierre and Miquelon benefits from its status as a French overseas collectivity, offering stability and access to European markets. However, the local economy's heavy reliance on fishing and tourism makes it susceptible to external factors, which can discourage potential investors. To enhance the investment environment, the government is implementing initiatives such as state financial aid for business retraining and infrastructure development, with hopes that expanding tourism and aquaculture will attract more investments.