Financial Crime World

Norway’s Anti-Money Laundering and Terrorist Financing Regime under FATF Scrutiny: Mutual Evaluation Report Revealed

The Financial Action Task Force (FATF) has published its Mutual Evaluation Report on Norway’s measures to combat money laundering (ML) and terrorist financing (TF). This report assesses Norway’s progress in implementing the FATF Recommendations as of January 2005.

Assessment Process

  • The evaluation was conducted from January 17 to 28, 2005.
  • The assessment used the FATF Recommendations published in October 2004 and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations.
  • The evaluation team met with Norwegian government officials and private sector representatives. (Annex 2 of the mutual evaluation report provides a list of the bodies met during the on-site visit.)

Overview of Norway’s Anti-Money Laundering and Counter-Terrorist Financing Measures

The report presents an evaluation of Norway’s anti-money laundering (AML) and counter-terrorist financing (CFT) systems, focusing on their implementation and effectiveness, as well as recommendations for improvement. Key areas of assessment included:

  • Legal and regulatory frameworks
  • Institutional framework
  • Law enforcement and judiciary role
  • Supervisory and enforcement measures
  • Financial Supervisory Authority of Norway (Finanstilsynet) and Norwegian Police Security Service (PST)
  • Case studies and international cooperation

The evaluation examines the following aspects of Norway’s legislative and regulatory frameworks:

  1. AML and CFT regulations
  2. Designated Non-Financial Businesses and Professions (DNFBPs)
  3. Sanctions

Institutional Framework and Role of Relevant Bodies

The report explores the following aspects of Norway’s institutional framework:

  1. Central Authority
  2. Financial Intelligence Unit

Law Enforcement and Judiciary Role

The report assesses the role and effectiveness of Norwegian law enforcement and judiciary in combating ML and TF.

Supervisory and Enforcement Measures

The evaluation covers the following aspects of Norway’s supervisory and enforcement measures:

  1. Supervisory authorities
  2. Enforcement authorities

Financial Supervisory Authority of Norway (Finanstilsynet) and Norwegian Police Security Service (PST)

The report evaluates the role and effectiveness of Finanstilsynet and PST in combating ML and TF in Norway.

Case Studies and International Cooperation

The report discusses relevant case studies and international cooperation in the context of Norway’s anti-money laundering and counter-terrorist financing efforts.

Evaluation Findings

The Mutual Evaluation Report provides valuable insights into Norway’s compliance with international standards and best practices in AML and CFT. Visit the FATF website to access the full report.