Norway

New Documents

Finanstilsynet, the Financial Supervisory Authority of Norway, published its annual report for 2020, including the country’s efforts to supervise institutions’ compliance with anti-money laundering and counterterrorist financing requirements.

The Council of Europe’s Group of States against Corruption published a fifth evaluation round report concerning Norway’s efforts to prevent corruption and promote integrity in law enforcement agencies and central governments, including top executive functions.

Enforcement Actions

The Financial Supervisory Authority of Norway, or Finanstilsynet, imposed an administrative fine of NOK 400 million against the Oslo, Norway-based financial institution for anti-money laundering and counterterrorist financing failures.


Important Facts

  • The U.S State Department classifies Norway as a monitored jurisdiction. Norway is not considered a regional financial center even though it is a high-income country. Instances of money laundering are low. However, illicit proceeds in Norway are related to narcotics sales and production, prostitution, robberies, smuggling and white collar crimes, such as embezzlement, tax evasion and fraud. The majority of illegal proceeds laundered in Norway are derived from domestic criminal activity, often by foreign criminal groups who eventually remit the proceeds to their home country. The majority of money laundering techniques in Norway stem from the use of professional facilitators such as lawyers and accountants, deposits and withdrawals, the buying and selling of high-value assets, and the use of cash couriers and money or value transfer services to move funds out of the country. Money and value transfer services pose risks in Norway due to the nature of the activity combined with limited supervision of the sector.
  • KYC Covered Entities: Banks, the central bank, finance companies, e-money institutions, pension funds, postal operators, auditors, asset managers, securities dealers, credit agents, money exchangers, insurance companies, accountants, lawyers, notaries, auction houses, realtors, money transporters, clearing houses, and dealers in autos and high-value goods
  • STR Covered Entities: Banks, the central bank, finance companies, e-money institutions, pension funds, postal operators, auditors, asset managers, securities dealers, credit agents, money exchangers, insurance companies, accountants, lawyers, notaries, auction houses, realtors, money transporters, clearing houses, and dealers in autos and high-value goods
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 methodology

Technical Effectiveness
Compliant : 19 High : 0
Largely Compliant : 16 Substantial : 5
Partially Compliant : 5 Moderate : 6
Non-Compliant : 0 Low : 0

Norway's technical compliance was re-rated in a March 28, 2019 follow-up report. FATF re-rated the effectiveness of Norway's AML/CTF framework in a Dec. 5, 2019 follow-up assessment.

BASEL i

Rank : 5/110
Score : 3.35/10

TRANSPARENCY INTERNATIONAL i

Rank : 7/179
Score : 84/100

Tax Justice Network i

Rank : 71/133
Score : 44/100