Norway’s Efforts to Prevent Terrorist Financing Receive International Recognition

The Financial Action Task Force (FATF) has recently released a report praising Norway for its efforts in implementing measures to prevent terrorist financing. The country’s “Follow-Up Report” for 2023 highlights several areas where Norway has made significant progress in addressing money laundering and combating the financing of terrorism.

Strong Commitment to Preventing Terrorist Financing

According to the report, Norway has demonstrated a strong commitment to:

• Assessing risk and applying a risk-based approach (R.1)
• Effective national cooperation and coordination (R.2)
• Compliant laws and regulations regarding money laundering (R.3) and confiscation and provisional measures (R.4)

Effective Measures Against Terrorist Financing

The report notes that Norway has made significant strides in combating terrorist financing, including:

• Effectively implementing targeted financial sanctions related to terrorism and terrorist financing (R.6)
• Targeted financial sanctions related to proliferation (R.7)
• Preventing the misuse of non-profit organizations (R.8)

Areas for Improvement

While Norway has made significant progress, there are still areas where improvement is needed, including:

• Strengthening regulation and supervision of financial institutions (R.26) and DNFBPs (R.28)

Conclusion

The FATF report highlights Norway’s commitment to preventing terrorist financing and implementing effective measures to combat this threat. The country’s largely compliant status in many areas demonstrates its strong anti-money laundering and combating the financing of terrorism regime.

In conclusion, Norway’s Follow-Up Report for 2023 is an important step towards ensuring the stability and security of the global financial system.