Title: FATF’s Follow-up Assessment: Norway’s Anti-Money Laundering and Counter-Terrorist Financing Measures (December 2019)
Introduction
The Financial Action Task Force (FATF) completed its fifth-year follow-up assessment of Norway’s anti-money laundering (AML) and counter-terrorist financing (CTF) measures. In this report, we provide an update on Norway’s progress to strengthen its AML/CTF system since the last evaluation in 2014.
- FATF Official Website
- Disclaimer: This report is provided without prejudice to the status of or sovereignty over any territory.
Background
In October 2019, the FATF reported on Norway, focusing on progress in addressing priority actions and recommended actions related to the following Immediate Outcomes (IOs): IO.1, IO.3, IO.6, IO.8, and IO.11.
- Evaluation team: Chantal Goupil, Hervé Dellicour, Rebekah Lee Sittner, Masha Rechova, and Natalie Lau.
- Based on the 2012 FATF Recommendations and 2013 Methodology.
Progress Report
Overall Effectiveness Ratings and Technical Compliance Ratings
| IOs | Effectiveness Ratings (as of 2014 MER) | Technical Compliance Ratings (as of February 2019) |
|---|---|---|
| IO.1 | ME | ME |
| IO.2 | ME | ME |
| IO.3 | ME | ME |
| IO.4 | ME | ME |
| IO.5 | ME | ME |
| IO.6 | ME | ME |
| IO.7 | ME | ME |
| IO.8 | SE | ME |
| IO.9 | ME | ME |
| IO.10 | ME | ME |
| IO.11 | ME | ME |
* ME: Effectively Implemented * SE: Substantially Effectively Implemented * PC, LC, C, and NC: See the legend below for ratings’ description
Technical Compliance Ratings for 2014 MER
| Risk Domains |
|---|
| R.1 - Policy & Coordination |
| R.2 - Risk Assessment |
| R.3 - Customer Due Diligence |
| R.4 - Transaction Monitoring |
| R.5 - Record Keeping |
| R.6 - Senior Management |
| R.7 - Suspicious Transaction Reporting (STR) |
| R.8 - Internal Controls |
| R.9 - International Cooperation |
| R.10 - Training |
| R.11 - Special Measures |
| R.12-13 - Sanctions |
| R.14-27 - Other Measures |
| R.28-44 - Compliance |
| R.45 |
* C: Compliant * LC: Largely Compliant * PC: Partially Compliant * NC: Non-compliant * N/A: Not Applicable
Priority and Recommended Actions
Details on Norway’s progress in addressing priority and recommended actions related to IOs: IO.1, IO.3, IO.6, IO.8, and IO.11 will be provided in the report.
For a detailed update on Norway’s progress in strengthening its AML/CTF system, please read this report.