Norway Makes Progress in Combating Money Laundering and Terrorist Financing
Oslo, Norway - In a significant step towards strengthening its efforts against money laundering and terrorist financing (ML/TF), Norway has made substantial progress since the 2014 assessment.
Improving National Risk Assessment Process
The country’s Financial Intelligence Unit (FIU) has been working on developing a more robust National Risk Assessment (NRA) process, which is now in its third iteration. The latest NRA, published in 2018, shows significant improvement over its predecessors.
Key Improvements
- A more comprehensive analysis of inherent vulnerabilities in important sectors of the economy
- A detailed discussion of key threats and profit-generating crimes
- A risk assessment of both inherent and residual risks for various reporting entities
Enhancing Stakeholder Engagement
Stakeholder engagement has also been significantly enhanced. The NRA working group, led by the FIU, now includes representatives from multiple agencies and the private sector. This collaboration has resulted in more robust data collection and analysis, as well as valuable input from stakeholders.
New Data Sources
- Stakeholder risk assessments
- Operational experience
- Actual cases
- Questionnaire tailored for various sectors
Progress Made by Norway
The progress made by Norway is a positive development in the global fight against ML/TF. The country’s efforts will continue to be monitored closely, with further assessments planned to ensure that it remains on track to meet its anti-money laundering and combating terrorist financing obligations.
Recommendations
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Based on the assessment, Norway is recommended to:
- Continue to refine its NRA process, incorporating lessons learned from previous iterations.
- Ensure ongoing engagement with stakeholders to maintain a comprehensive understanding of ML/TF risks.
- Develop and implement targeted measures to address identified vulnerabilities and risks.
By following these recommendations, Norway can further enhance its efforts against money laundering and terrorist financing, protecting its financial system and contributing to global security.