FATF Evaluates Norway’s Anti-Money Laundering and Counter-Terrorist Financing Measures in 2023 Report

The latest follow-up report by the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, assesses Norway’s progress in implementing the organization’s Recommendations.

FATF’s Assessment of Norway

Below is a summary of FATF’s assessment of Norway’s compliance with each Recommendation:

Risk Assessment and Risk-Based Approach (R.1)

Norway is largely compliant (LC)

National Cooperation and Coordination (R.2)

Norway has met the FATF’s expectations (Compliant - C)

Money Laundering Offense (R.3)

Compliant (C) rating for Norway

Confiscation and Provisional Measures (R.4)

Compliant (C) rating

Terrorist Financing Offense (R.5)

Compliant (C) rating

Large compliance (LC)

Compliant (C) rating

Non-Profit Organizations (R.8)

Largely compliant (LC)

Financial Institution Secrecy Laws (R.9)

Compliant (C)

Please find the remaining FATF Recommendations (R.10-R.40) and their assessments in the original article.

Norway’s Progress as Per FATF Report

According to the report, Norway has made significant progress in the following areas:

Risk assessment and risk-based approach (R.1): Norway has improved its risk assessment process, ensuring that all identified non-compliant risks are addressed.
National cooperation and coordination (R.2): The country has established effective channels for communication and cooperation among various agencies involved in anti-money laundering (AML) and counter-terrorist financing (CTF) efforts.
Confiscation and provisional measures (R.4): Norway has introduced new measures to enhance its asset seizure and recovery processes.

Conclusion

FATF’s 2023 report on Norway highlights the country’s dedication to combating money laundering and terrorist financing, as evidenced by its compliance with numerous FATF Recommendations.

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