Kiribati is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
Kiribati has not yet undertaken a Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing.
There are no international sanctions currently in force against this country.
BRIBERY & CORRUPTION
Rating (100-Good / 0-Bad)
Transparency International Corruption Index N/A
World Governance Indicator – Control of Corruption 65
A remote country of 33 scattered coral atolls, Kiribati has few natural resources and is one of the least developed Pacific Island countries. Commercially viable phosphate deposits were exhausted by the time of independence from the United Kingdom in 1979. Earnings from fishing licenses and seafarer remittances are important sources of income, however, remittances and the number of seafarers employed have declined since the global crisis. In 2013, fishing license revenues contributed close to half of government’s total revenue and total remittances from seafarers were equivalent to 6% of GDP.
Economic development is constrained by a shortage of skilled workers, weak infrastructure, and remoteness from international markets. The public sector dominates economic activity, with ongoing capital projects in infrastructure including the road rehabilitation, water and sanitation projects, and renovations to the international airport, spurring some growth.
Kiribati is dependent on foreign aid, which was estimated to have contributed over 43% in 2013 to the government’s finances. The country’s sovereign fund, the Revenue Equalization Reserve Fund (RERF), which is held offshore, had an estimated balance of $668 million in 2013, equivalent to 381% of GDP. The RERF seeks to avoid exchange rate risk by holding investments in more than 20 currencies, including the Australian dollar, United States dollar, the Japanese yen, and the Euro. Drawdowns from the RERF helped finance the government’s annual budget
Agriculture - products:
copra, breadfruit, fish
Exports - commodities:
fish, coconut products
Imports - commodities:
food, machinery and equipment, miscellaneous manufactured goods, fuel
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