Norfolk Island Country Summary

Norfolk Island is a territory of Australia. As such, we are including the information for Australia below:

FATF Status

Australia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Australia was undertaken in 2024. According to that Evaluation, Australia was deemed Compliant for 18 and Largely Compliant for 12 of the FATF 40 Recommendations. It remains Highly Effective for 1 and Substantially Effective for 4 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Norfolk Island, as a territory of Australia, benefits from the country's comprehensive legal framework aimed at combating corruption and organized crime. While Australia faces challenges such as human trafficking, drug-related issues, and cybercrime, it maintains a strong governance structure and active law enforcement efforts to address these problems, ensuring a resilient response to crime and corruption.

Norfolk Island's economy is primarily driven by tourism and light industry, with a growing focus on exporting medical cannabis alongside traditional products like pine seeds and lumber. The island faces challenges due to limited transportation infrastructure and a heavy reliance on imports, particularly from Australia, while local agricultural production is largely aimed at meeting domestic needs. Recent governance changes have raised concerns among residents about economic autonomy and the impact on local businesses, although there remains potential for growth in tourism and medicinal cannabis sectors that could attract investment.