Wallis and Futuna Country Summary

Wallis and Futuna is a French 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.

Wallis and Futuna, as a French overseas collectivity, is influenced by France's legislative efforts to combat corruption and enhance transparency in public life. Recent laws, such as the "Loi Sapin II," aim to align France's anti-corruption measures with international standards, establishing mechanisms for greater accountability among public officials, although concerns remain regarding the enforcement and effectiveness of these measures in addressing corruption comprehensively.

Wallis and Futuna operates a lower-middle-income agrarian economy that is heavily dependent on French subsidies and traditional subsistence agriculture, with a significant portion of the labor force engaged in farming, fishing, and livestock. The territory's economic activities primarily revolve around copra, handicrafts, and fishing, with key agricultural products including coconuts, yams, and fish, while remittances from expatriates and fishing rights licensing also contribute to the economy. Despite a GDP of approximately $212 million in 2019, the investment climate is constrained by limited local autonomy, a lack of significant natural resources, and infrastructure challenges, although recent interest in improving telecommunications and transportation may offer potential for future development.