Norway's progress in strengthening measures to tackle money laundering and terrorist financing
20 March 2018 - As a result of Norway's progress in strengthening its framework to tackle money laundering and terrorist financing since their 2014 mutual evaluation, the FATF has re-rated the country on 8 of the 40 Recommendations.
Norway has been in an enhanced follow-up process, following the adoption of their mutual evaluation, which assessed the effectiveness of their anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the FATF Recommendations. 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.
This report analyses Norway's progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.
To reflect this progress, the FATF has re-rated Norway on the following Recommendations:
1 - Assessing risks & applying a risk-based approach
2 - National cooperation and coordination
4 - Confiscation and provisional measures
5 - Terrorist financing offence
7 - Targeted financial sanctions related to proliferation
15 - Preventive Measures - New technologies
26 - Regulation and supervision of financial institutions and
28 - Regulation and supervision of designated non-financial businesses and professions
The report also looks at whether Norway's measures meet the requirements of FATF Recommendations that have changed since their 2014 mutual evaluation, taking into account any new measures since the mutual evaluation. The FATF agreed to maintain the rating of Largely Compliant for Recommendation 8.
The FATF welcomes the steps that Norway has taken to improve its technical compliance with Recommendation 33 on statistics; however, the progress was insufficient to justify a re-rating of this Recommendation.