FATF Evaluates Norway’s AML/CFT Measures: Results Show Mixed Compliance
Background
This article provides insights into the results of the Financial Action Task Force (FATF) evaluation of Norway’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework conducted in 2014.
Findings from the Evaluation
The assessment looked at the extent to which Norway has implemented the technical requirements of the FATF Recommendations. Below are the findings categorized by FATF Recommendation.
R.1 - Assessing risk and applying risk-based approach
- Status: Partially Compliant
R.2 - National cooperation and coordination
- Status: Partially Compliant
R.3 - Money laundering offense
- Status: Compliant
R.4 - Confiscation and provisional measures
- Status: Largely Compliant
R.5 - Terrorist financing offense
- Status: Largely Compliant
… [Continue with the remaining recommendations in the order presented in the original text]
R.18 - Internal controls and foreign branches and subsidiaries
- Status: Partially Compliant
R.19 - Higher-risk countries
- Status: Largely Compliant
R.20 - Reporting of suspicious transactions
- Status: Compliant
R.21 - Tipping-off and confidentiality
- Status: Largely Compliant
R.22 - Designated non-financial businesses and professions (DNFBPs) – Customer due diligence
- Status: Partially Compliant
…
R.33 - Statistics
- Status: Partially Compliant
R.34 - Guidance and feedback
- Status: Largely Compliant
R.35- Sanctions
- Status: Compliant
R.36 - International instruments
- Status: Compliant
R.37 - Mutual legal assistance
- Status: Largely Compliant
R.38 - Mutual legal assistance: freezing and confiscation
- Status: Largely Compliant
R.39 - Extradition
- Status: Largely Compliant
R.40 - Other forms of international cooperation
- Status: Largely Compliant
Progress and Challenges
The evaluation showed that Norway has made significant progress in some areas but there are still areas where improvements are required. The country has shown substantial progress in areas like terrorist financing and money laundering offenses but has faced challenges in areas like transparency and beneficial ownership, and the application of a risk-based approach.
Next Steps
Norway has been given a deadline to address the areas of non-compliance and make necessary improvements. Stay tuned for more updates on Norway’s progress in implementing the FATF Recommendations.