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 as one of the least corrupt countries globally, ranking fourth on Transparency International's 2023 Corruption Perceptions Index, with strong anti-corruption laws that apply to both domestic and foreign activities. The Norwegian Penal Code criminalizes various forms of corruption, and enforcement is robust, with the National Authority for Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM) effectively investigating cases. However, recent evaluations by the OECD suggest that amendments to the Penal Code are needed to enhance the prosecution of foreign bribery committed by Norwegians abroad.

Norway boasts a modern and highly developed economy characterized by a high per capita GDP, largely driven by its successful oil and gas sector, alongside strong industries in shipping, aquaculture, and professional services. The country maintains a stable political environment with robust property rights and regulatory enforcement, ranking highly in global indices for business ease and transparency. Despite facing challenges such as high inflation and interest rates in 2023, Norway's unemployment rate remains low, reflecting a resilient labor market.

Norway has a welcoming investment climate, characterized by strong government support for foreign investment and a commitment to national treatment for foreign investors. The country has liberalized its foreign investment legislation to align more closely with EU standards, resulting in significant growth in foreign direct investment, which reached $147 billion by the end of 2022. While there are some restrictions on foreign ownership in certain sectors, Norway's political stability, strong legal protections, and transparent regulatory environment make it an attractive destination for investors.