Saint Martin (French part) 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
Saint Martin (French part) is a territorial 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 Saint Martin (French part).
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 67 |
| World Bank: Control of Corruption Percentile Rank | 84 |
Saint Martin (French part) faces challenges related to crime and corruption, despite legislative efforts aimed at enhancing transparency and accountability in public life. Recent laws, such as the "Loi Sapin II," have established anti-corruption measures and agencies, yet concerns remain regarding the effectiveness of enforcement and the integrity of public officials, particularly in light of ongoing corruption cases involving high-profile individuals.
Economy
Saint Martin (French part) boasts a high-income economy predominantly driven by tourism, which employs around 85% of the local workforce. The economy has faced significant setbacks due to the COVID-19 pandemic and the devastation caused by Hurricane Irma in 2017, highlighting its vulnerabilities, with a nominal GDP estimated at $649.206 million in 2021. Despite these challenges, the investment climate benefits from a stable legal framework as an overseas collectivity of France, and ongoing government efforts to rebuild infrastructure may create new opportunities for investors in the region.
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