Norway's progress in strengthening measures to tackle money laundering and terrorist financing

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Follow Up Report Norway 2019

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28 March 2019 – Since the 2014 assessment of Norway’s measures to combat money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework.

Norway has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2014. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the progress it has made to strengthen its AML/CFT framework in March and and March 2019, respectively. In March 2018, the FATF already re-rated Norway on 8 of the 40 Recommendations.

This follow report analyses Norway’s additional progress in addressing the technical compliance deficiencies identified in the mutual evaluation report since its 2014 mutual evaluation and the March 2018 follow-up report. To reflect the country’s recent progress, the FATF has now re-rated Norway on 13 of the 40 Recommendations:

9 – Financial institution secrecy laws
10 – Customer due diligence
11 – Record keeping
12 – Politically exposed persons
14 – Money or value transfer services
15 – New technologies
17 – Reliance on third parties
22 – Designated non-financial businesses and professions (DNFBPs): customer due diligence
25 – Transparency and beneficial ownership of legal arrangements
26 – Regulation and supervision of financial institutions
27 – Powers of supervision
28 – Regulation and supervision of DNFBPs
35 – Sanctions

The report also looks at whether Norway’s measures meet the requirements of FATF Recommendations that have changed since the 2014 mutual evaluation and the 2018 follow-up report, taking into account any new measures since last year. The FATF agreed to maintain the rating of Largely compliant for Recommendation 2 (National co-operation and co-ordination); re-rate Recommendation 18 (Internal controls and foreign branches and subsidiaries) to Largely compliant; and re-rate Recommendation 21 (Tipping-off and confidentiality) to Compliant.

Norway has made good progress in establishing the legal, regulatory and operational framework required by the FATF. Today, Norway remains partially compliant on 5 of the 40 Recommendations. On the remaining 35 Recommendations, the country is either Compliant or Largely compliant. Norway will continue to report back to FATF on its progress.