Martinique Country Summary

Martinique is an overseas department and region of France. As such, we are including the information for France 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.

Martinique, as an overseas department of France, is subject to the same legal and institutional frameworks aimed at combating crime and corruption. Recent legislative efforts, such as the "Loi Sapin II," have introduced measures to enhance transparency and accountability among public officials, though challenges remain in effectively prosecuting corruption cases and ensuring the independence of judicial authorities.

Martinique's economy, with a GDP of 8.4 billion euros as of 2014, is primarily driven by tourism, alongside limited agricultural production and financial support from mainland France. Although banana cultivation is the main agricultural activity, it contributes only 1.6% to the GDP, and the island faces a chronic trade deficit due to high import needs and past agricultural contamination issues. The investment climate benefits from Martinique's status as a French overseas department, providing a stable legal framework and access to EU markets, but high import costs and a heavy reliance on tourism pose challenges that the government is addressing through infrastructure development and diversification into sectors like renewable energy and technology.