New Caledonia Country Summary
Medium-Low Risk
View full Ratings TableSanctions
Lower Concern
FATF AML Deficient List
Lower Concern
Terrorism
Lower Concern
Corruption
Lower Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower 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
New Caledonia is a special collectivity 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.
Sanctions
There are currently no international sanctions in force against New Caledonia.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 67 |
| World Bank: Control of Corruption Percentile Rank | 84 |
New Caledonia, as a special collectivity of France, reflects the broader challenges of crime and corruption faced in the French political landscape. Despite legislative efforts aimed at enhancing transparency and accountability, including the introduction of anti-corruption laws and the establishment of oversight bodies, concerns persist regarding the effectiveness of these measures and the ongoing presence of corruption among public officials.
Economy
New Caledonia's economy is primarily driven by its rich nickel reserves, which play a crucial role in its GDP, estimated at $9.623 billion in 2021, with a per capita income of around $35,700. The territory faces challenges such as high living costs, income inequality between its provinces, and a significant reliance on imports, leading to a trade deficit, particularly in refined petroleum and food. While the investment climate is supported by substantial French financial aid, ongoing political uncertainties and market fluctuations in nickel pose risks for investors, although sectors like tourism and construction show potential for future growth.
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