Saint Pierre and Miquelon Country Summary

Saint Pierre and Miquelon is a self-governing territorial overseas 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.

Saint Pierre and Miquelon, as a self-governing territorial overseas collectivity of France, reflects the broader context of France's efforts to combat crime and corruption. Recent legislative measures, such as the "Restoring Confidence in Public Life" law and the "Loi Sapin II," aim to enhance transparency and accountability among public officials, although concerns remain regarding the effectiveness of these reforms and the ongoing challenges in prosecuting corruption cases.

The economy of Saint Pierre and Miquelon is largely reliant on fishing and tourism, bolstered by substantial government support from France. Recent efforts by the government to diversify the economy include promoting tourism and investigating potential oil and gas resources, although the islands continue to depend heavily on French subsidies to sustain the local standard of living. The investment climate benefits from the region's status as a French overseas collectivity, providing stability and access to European markets, yet its vulnerability to external factors in fishing and tourism may pose challenges for attracting new investments.