<Li> ^ Fixed to the pound sterling (GBP). </Li> <Li> ^ The Falklands has been on FKST year - round since September 2010 . </Li> <P> The Falkland Islands (/ ˈfɔːlklənd /; Spanish: Islas Malvinas, pronounced (ˈislas malˈβinas)) is an archipelago in the South Atlantic Ocean on the Patagonian Shelf . The principal islands are about 300 miles (483 kilometres) east of South America's southern Patagonian coast, at a latitude of about 52 ° S . The archipelago, with an area of 4,700 square miles (12,000 square kilometres), comprises East Falkland, West Falkland and 776 smaller islands . As a British overseas territory, the' Falklands' has internal self - governance, and the United Kingdom takes responsibility for its defence and foreign affairs . The Falkland Islands' capital is Stanley on East Falkland . </P> <P> Controversy exists over the Falklands' discovery and subsequent colonisation by Europeans . At various times, the islands have had French, British, Spanish, and Argentine settlements . Britain reasserted its rule in 1833, although Argentina maintains its claim to the islands . In April 1982, Argentine forces temporarily occupied the islands . British administration was restored two months later at the end of the Falklands War . Most Falklanders favour the archipelago remaining a UK overseas territory, but its sovereignty status is part of an ongoing dispute between Argentina and the United Kingdom . </P>

Where is the falkland islands located on a map