Financial Crime World

Norwegian Air Shuttle Cracks Down on Financial Crime: Zero-Tolerance Policy and Definitions

Norwegian Air Shuttle ASA, an international aviation company with subsidiaries in Norway, Sweden, Denmark, Finland, Latvia, Spain, Ireland, and the UK, has announced a new strict Financial Crime Policy to safeguard the organization’s financial operations and protect against illegal financial activities.

Maintaining Ethical Standards

Based in Oslo, Norwegian Air Shuttle aims to preserve the highest ethical standards and shield itself from associated legal and reputational risks. This policy applies to all employees, as well as agents, representatives, and affiliated service providers.

Key Tenets of the New Policy

  1. Definition: Financial crime comprises a variety of illegal activities, such as:

    • Fraud
    • Money laundering
    • Bribery and corruption
    • Insider trading
    • Other illicit financial activities

  2. Compliance with Laws: Norwegian Air Shuttle reaffirms its commitment to complying with local and international laws, including:

    • The Foreign Corrupt Practices Act
    • The UK Bribery Act
    • OFAC sanctions
    • EU sanctions
    • HM Treasury sanctions
    • Norwegian Penal Code
    • The Norwegian Anti-Money Laundering Act
    • Other relevant legislation

  3. Bribery and Corruption: Prohibited activities include:

    • Offering, accepting, or soliciting financial or non-financial benefits
    • Trading influence
    • Offering facilitation payments
    • Failing to report suspected bribery or corruption
    • Strictly forbidden activities

  4. Reporting Violations: All Norwegian Air Shuttle employees must report any suspected financial crimes (real or potential) via the company’s Whistleblowing Procedure:

    • Violations involving a supervisor: Report to the Audit Committee or an Independent Director
    • Confidential, impartial, and timely handling

Reinforcing Commitment to Ethical Business Practices

In conclusion, the new Financial Crime Policy at Norwegian Air Shuttle reinforces the organization’s commitment to maintaining fair, honest, and transparent business practices, enforcing a zero-tolerance stance on financial crimes, and ensuring full compliance with local and international laws, regulations, and ethical standards.

A zero-tolerance approach to financial crimes Ensuring compliance with applicable laws, regulations, and ethical standards A commitment to fair, honest, and transparent business practices