Financial Crime World

Title: “Norway’s Anti-Money Laundering Progress Reported to FATF: Moving Towards Biennial Updates”

Norway’s Progress in Addressing FATF Recommendations

The Financial Action Task Force (FATF) has reported on Norway’s progress in enhancing its Anti-Money Laundering/Counter-Terrorism Financing (AML/CFT) regime since the identification of deficiencies in its third mutual evaluation report of 2005. With significant strides made in various areas, Norway is now considered for moving from regular follow-up to biennial updates.

Norway’s Recent Achievements

Since the 2005 mutual evaluation, Norway has focused on addressing deficiencies to align its AML/CFT system with FATF Recommendations. Key achievements include:

  • Strengthening customer due diligence requirements: Norway has made significant progress in enhancing its customer due diligence framework through new legislation. While most deficiencies have been addressed, a few shortcomings remain.
  • Improving financial intelligence units (FIUs): Norway has made considerable progress in improving the effectiveness of its FIU. Although concerns remain, the country has taken significant steps towards improvement.
  • Freezing of terrorist assets and UN Instruments: Norway has partially addressed deficiencies related to the freezing of terrorist assets and the ratification/implementation of UN instruments. More progress is required in these areas.

FATF’s Review and Recommendation

The FATF Secretariat reviewed Norway’s progress report, which included supporting materials. Following a desk review of the implementation of specified AML/CFT Recommendations, the FATF recognized Norway’s achievements and recommended the removal from the regular follow-up process for considerations towards biannual updates.

Key Progress Reports for Norway

  • Customer Due Diligence:

    • Significant progress has been made.
    • A few shortcomings remain.

  • Financial Intelligence Unit (FIU):

    • Considerable progress has been made.
    • Concerns remain, but improvements have been taken.

  • Freezing of Terrorist Assets and UN Instruments:

    • Partially addressed deficiencies.
    • More progress is required.

Norway’s efforts to meet FATF Recommendations have proven substantial, positioning the country to make this transition and focus on future assessments.