Mutual Evaluation of Norway

The evaluation of the anti-money laundering (AML)1 and combating the financing of terrorism (CFT) regime of Norway was based on the Forty Recommendations 2003 and the Eight Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT Methodology 2004. The evaluation was based on the laws, regulations and other materials supplied by Norway, and information obtained by the evaluation team during its on-site visit to Norway from 17-28 January 2005, and subsequently. During the on-site the evaluation team met with officials and representatives of all relevant Norwegian government agencies and the private sector. A list of the bodies met is set out in Annex 2 to the mutual evaluation report.

The assessment team reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines and other requirements, and the regulatory and other systems in place to deter money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP), as well as examining the capacity, the implementation and the effectiveness of all these systems.

The mutual evaluation report provides a summary of the AML/CFT measures in place in Norway as at the date of the on-site visit or immediately thereafter. It describes and analyses those measures, and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Norway’s levels of compliance with the FATF 40+9 Recommendations.

This mutual evaluation was conducted using the FATF Recommendations as published in October 2004, and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations.

The 40 Recommendations, published October 2004

IX Special Recommendations