Norfolk Island Country Summary
Sanctions
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
Norfolk Island is a territory of Australia. Information for Australia may be included 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.
Sanctions
There are no international sanctions currently in force against this country
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 77 |
| World Bank: Control of Corruption Percentile Rank | 96 |
Australia has a robust legal framework to combat corruption, with a transparent government procurement system and active participation in international anti-corruption efforts. The country enforces strict laws against bribery of foreign officials, with significant penalties for violations. Additionally, Australia faces challenges from various criminal activities, including human trafficking, drug trade, and cybercrime, but maintains strong governance and law enforcement to address these issues.
Economy
Norfolk Island has a high-income economy primarily driven by tourism and light industry, with a small labor force increasingly engaged in part-time work. The island has also become an exporter of medical cannabis, alongside traditional exports like pine seeds and lumber, while relying heavily on imports for most goods, particularly from Australia.
The investment climate in Norfolk Island has been impacted by recent governance changes, including the abolition of its Legislative Assembly and the introduction of Australian taxation, raising concerns about economic autonomy among residents. Despite these challenges, there is potential for growth in sectors such as tourism and medicinal cannabis, which could attract investment, although the island's economic future remains uncertain as residents seek greater self-governance.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings