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Norway’s Anti-Money Laundering Laws Receive Mixed Assessment

Oslo, Norway - In a recent report, Norway has received mixed ratings for its implementation of anti-money laundering (AML) laws and regulations. The country scored partially compliant or largely compliant in most areas, with some notable exceptions.

Assessment by the Financial Action Task Force (FATF)

According to the FATF, Norway’s AML framework is generally sound, but there are areas that require improvement. The country was found to be:

• Partially compliant with 27 of the 40 FATF Recommendations
• Largely compliant with 11
• Non-compliant in only two areas

Strengths and Weaknesses

One area where Norway received a high rating was in assessing risk and applying a risk-based approach (R.1), which is critical for effective AML measures. The country also scored well on:

• National cooperation and coordination (R.2)
• Financial institution secrecy laws (R.9)

However, Norway struggled with certain aspects of its AML regime, including:

• Confiscation and provisional measures (R.4)
• Terrorist financing offence (R.5)
• Regulation and supervision of DNFBPs (R.28)

Additionally, the country was found to be non-compliant in two areas:

• Reporting of suspicious transactions (R.20)
• Cash couriers (R.32)

Recommendations for Improvement

The report highlights several key issues that Norway must address to strengthen its AML regime, including:

• Improving customer due diligence
• Enhancing record-keeping requirements
• Increasing transparency and beneficial ownership disclosure

Next Steps

Despite these challenges, Norway’s authorities have committed to addressing the deficiencies identified in the report. The country has already taken steps to implement new regulations and guidelines aimed at strengthening its AML framework.

Full Report Available

The full report is available on the FATF website and provides a detailed assessment of Norway’s AML regime.