Financial Crime World

Financial Crime Statistics and Trends in Tuvalu: A Review of the Current Situation

Introduction

Tuvalu, a small island nation in the Pacific Ocean, has reported limited financial crime statistics and trends. Despite its economic dependence on external sources of revenue, Tuvalu’s financial system appears to be relatively stable.

Financial Crimes

Illicit Markets for Drugs

  • The illicit markets for drugs appear limited in size.
  • There is a steady demand for cannabis in Tuvalu that is met by domestically grown supplies.
  • No evidence suggests any organized criminal involvement in other drug markets in the country.

Cybercrimes

  • Cybercrimes are not reported as a significant concern in Tuvalu.
  • Currently, there is no data available on this indicator.

Money Laundering

  • Tuvalu’s implementation of anti-money laundering (AML) and counter-terrorist financing (CFT) standards has not yet been assessed by a mutual evaluation report.
  • However, the country has made efforts to strengthen its AML/CFT system, including the establishment of a Transaction Tracking Unit (a financial intelligence unit).

Economic Environment

Dependence on External Sources of Revenue

  • Tuvalu is economically dependent on external sources of revenue, such as remittance payments, foreign assistance, fishing licenses, small-scale exports, and resale of rights to international telephone codes to the gambling industry.
  • The country’s GDP growth is one of the strongest in the region.

Private-Sector Development

  • Economic growth is concentrated in the capital of Funafuti.
  • Prospects for private-sector development are limited in many parts of the country.

Criminal Justice and Security

  • Tuvalu has an independent and effective judiciary that respects due legal process.
  • Concerns about the country’s ability to defend its territorial integrity given its limited resources and porous maritime borders.

Civil Society and Social Protection

Support for Victims of Crime

  • Tuvalu is not sufficiently equipped to support victims of crime, with no adult protective victim services in place.
  • Child-labour practices have been criticized, but child protective victim services have recently been established.

Civil Liberties and Personal Freedoms

  • Civil liberties and personal freedoms are generally respected in Tuvalu.
  • The country has a relatively vibrant civil society active in areas such as good governance and transparency.