Svalbard and Mayen Country Summary

Svalbard and Jan Mayen is a territory of Norway. Information for Norway may be included below:

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, including its territories Svalbard and Jan Mayen, is recognized for its low levels of corruption, ranking fourth in Transparency International’s 2023 Corruption Perceptions Index. The country has a robust legal framework for combating foreign bribery, although recent evaluations suggest potential challenges in enforcement and corporate liability. Norway's organized crime landscape includes human trafficking and drug-related issues, but the government maintains a strong anti-crime stance, supported by a transparent judicial system and active civil society engagement.

Svalbard and Jan Mayen has a high-income economy primarily driven by coal mining, tourism, and research sectors, with significant contributions from natural resources like coal, iron ore, copper, and zinc. The small population is mainly concentrated in settlements on Spitsbergen, particularly Longyearbyen, and the economy's reliance on specific sectors indicates a need for diversification for long-term sustainability.

The investment climate in Svalbard and Jan Mayen benefits from its status as a territory of Norway, which ensures a stable legal and regulatory environment. However, the region's unique geographical and climatic challenges can complicate infrastructure development and business operations, making it essential for potential investors to consider these factors. While foreign investment is welcomed, the local economy's heavy reliance on mining and tourism suggests that diversification may be crucial for long-term sustainability.