Norway Country Summary

FATF Status

Norway is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest follow-up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Norway was published in 2023. According to that Evaluation, Norway was deemed Compliant for 19 and Largely Compliant for 18 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 5 of the Effectiveness & Technical Compliance ratings.

Norway is recognized for its strong anti-corruption framework, ranking fourth on Transparency International's 2023 Corruption Perceptions Index, and has laws that penalize corrupt activities both domestically and internationally. While the country has effectively enforced foreign bribery laws, recent evaluations suggest potential challenges due to changes in the Penal Code that may limit jurisdiction and clarity regarding corporate liability. Despite these concerns, Norway maintains a robust legal and institutional framework to combat organized crime, supported by a transparent government and active civil society engagement.

Norway boasts a highly developed economy with one of the highest per capita GDPs globally, largely driven by its successful oil and gas sector alongside other key industries such as shipping and aquaculture. The country maintains a politically stable environment with strong property rights and effective legal systems, ranking highly in various international indices for business ease and transparency. Despite facing inflation and rising interest rates in 2023, Norway's unemployment rate remained low at 3.9 percent, reflecting a resilient labor market.

Norway has a welcoming investment climate, characterized by national treatment for foreign investors and a government that actively promotes foreign investment through the "Invest in Norway" agency. While there are some restrictions on foreign ownership in certain sectors, such as natural resources and public industries, the overall regulatory environment is transparent and conducive to business. Foreign direct investment in Norway has significantly increased, reaching $147 billion by the end of 2022, reflecting the country's commitment to liberalizing its investment legislation and reducing bureaucratic barriers.