Norway

New Documents

GRECO Publishes Fifth Round Evaluation Report on Anti-Corruption Framework in Norway

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.

January 20, 2021

EU: Candidate Nations Implement Measures Related to Ukraine

The Council of the European Union announced that members of the European Economic Area, Liechtenstein and Norway, and candidate nations, Montenegro and Albania, have agreed to implement Decision (CFSP) 2020/1269 related to Ukrainian restrictive measures.

November 23, 2020

FATF: Effectiveness of Norway’s AML/CTF Regime is Improving

December 5, 2019

GRECO: Norway Satisfactorily Addresses Fourth Round Evaluation Recommendations

April 3, 2019

FATF Re-Rates Norway’s Compliance with International AML/CTF Standards Following Progress

March 28, 2019

News

Midweek Roundup: US House Again Approves BSA Reform, Treasury Sanctions Unit Set for Wholesale Audit Under Biden, and More

ING’s former chief faces Dutch criminal investigations for AML violations, Norway prepares large penalty against DNB, and more, in the midweek roundup.

December 10, 2020

Weekly Roundup: Goldman Inks $4 Billion 1MDB Settlement, Philippine Bankers Suspected of Enabling Wirecard Fraud, and More

Norway flags deficiencies in Danske Bank’s AML program, U.K. seizes Lloyds Bank account linked to ‘Ndrangheta, and more, in the weekly roundup.

July 24, 2020

Midweek Roundup: EU Advances AML Reform, Deutsche Bank Must Hand Over Trump Records, and More

December 5, 2019

Midweek Roundup: Australia Expects More AML Enforcement, Standard Chartered in Line for UK Sanctions Fine, and More

August 21, 2019

Midweek Roundup: Santander Hit With Norwegian Fine, Denmark Orders Saxo Bank to Enhance AML Controls, and More

July 3, 2019

Enforcement Actions

0 Items Found

Key Documents

Norwegian AML Law Establishes Customer Due Diligence Procedures

April 1, 2009

Norway Issues AML/CTF Regulations

March 13, 2009

Norway's Ministry of Finance Issues Regulations Regarding AML Supervisory Board

March 13, 2009

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 : 136/141
Score : 3.19/10

TRANSPARENCY INTERNATIONAL i

Rank : 7/180
Score : 84/100

Tax Justice Network i

Rank : 71/133
Score : 44/100