Financial Crime World

Financial Crime Definition in Saint Pierre and Miquelon: A Look into the Territory’s Economic Landscape

Saint Pierre and Miquelon, a French overseas collectivity located off the coast of Canada, has a small but growing economy. With a population of approximately 0.006 million people as of 2022, spread across an area of 230 square kilometers, the territory is characterized by its strong trade ties with Europe and North America.

Economic Landscape

  • Merchandise exports totaled $8 million in 2022, while imports reached $114 million, resulting in a trade deficit of $105 million.
  • The top five partners for Saint Pierre and Miquelon’s merchandise exports were the European Union (65.9%), followed by Canada, France, the United States, and other countries.
  • Services trade is also an important aspect of the economy, with total services trade valued at millions of US dollars in 2022.

GDP Growth

  • The country’s GDP growth rate has been positive over the years, reaching a growth rate of…% in 2022.
  • Saint Pierre and Miquelon’s GDP per capita is currently estimated to be around US$…, making it one of the wealthiest territories in the world.

Financial Crime

  • Despite its strong economic performance, Saint Pierre and Miquelon is not immune to financial crime. In recent years, there have been reports of fraud and money laundering in the territory.
  • Increased vigilance and cooperation with international authorities are essential to combat financial crime.

Foreign Direct Investment (FDI)

  • Saint Pierre and Miquelon has seen a significant increase in FDI inflows over the years, reaching millions of US dollars in 2022.
  • However, the country’s FDI outflows are still relatively low compared to other territories.

Trade Balance

  • The territory’s trade balance indicators show a trade deficit of…% of GDP, with imports accounting for most of the country’s trade volume.
  • The normalized trade balance also indicates that Saint Pierre and Miquelon has a significant trade deficit, with imports exceeding exports by…%.

Conclusion

While Saint Pierre and Miquelon has made significant progress in terms of economic growth and development, it is essential to remain vigilant against financial crime and ensure that the territory’s economy remains transparent and accountable.