Title: Norway’s Progress in Anti-Money Laundering and Counter-Tterrorist Financing Measures

Background

Norway has made significant strides in enhancing its anti-money laundering (AML) and counter-terrorist financing (CTF) measures since its Mutual Evaluation Report (MER) in 2014 and its Follow-Up Report (FUR) in March 2018. The Financial Action Task Force (FATF), an intergovernmental body that develops policies to protect the global financial system against money laundering and terrorist financing, has recently released an Enhanced Follow-up Report and a 2nd Technical Compliance Re-Rating for Norway.

FATF’s Evaluation of Norway’s Progress

The latest report assesses Norway’s progress in addressing technical compliance deficiencies and implementing new requirements since its 3rd FUR was adopted. It does not cover Norway’s effectiveness in these areas, which will be evaluated in a future follow-up assessment.

Technical Compliance Ratings (February 2018)

According to the MER and the 3rd FUR, Norway was rated as follows for technical compliance:

| Recommendation  | Rating |
|---------------|--------|
| R.1 to R.20   | Partially compliant (PC) |
| R.21 to R.30  | Largely compliant (LC) |
| R.31 to R.40  | Largely compliant (LC) |

Norway was given an enhanced follow-up due to significant deficiencies in technical compliance and effectiveness.

Progress in Improving Technical Compliance

In this report, Section 3 summarizes Norway’s progress made in improving technical compliance. Progress is noted for Recommendations 9, 10, 11, 12, 14, 15, 17, 18, 19, 21, 22, 23, 25, 26, and 27. Re-ratings have been given for Recommendations 9, 10, 11, 12, 14, 15, 17, and 18.

Re-ratings and Conclusion

Section 4 sets out the conclusion and a table demonstrating which Recommendations have been re-rated. Overall, Norway remains in enhanced follow-up due to a moderate level of effectiveness for nine out of the eleven effectiveness outcomes. The country will continue to report back to the FATF on progress towards strengthening its implementation of AML/CTF measures.

## Table 2. Re-ratings Given to Norway

|Recommendation  | New Rating |
|---------------|------------|
| R.9            | Compliant  |
| R.10           | Compliant  |
| R.11           | Compliant  |
| R.12           | Compliant  |
| R.14           | Compliant  |
| R.15           | Compliant  |
| R.17           | Compliant  |
| R.18           | Compliant  |