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.

Svalbard and Jan Mayen, as a territory of Norway, adheres to Norway's strong anti-corruption framework, which ranks it among the least corrupt countries globally. The Norwegian Penal Code criminalizes various forms of corruption, including bribery and money laundering, and applies to acts committed both domestically and abroad. While Norway has demonstrated effective enforcement of its anti-corruption laws, recent evaluations suggest areas for improvement, particularly regarding jurisdiction over foreign bribery and corporate liability.

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 region's economy is characterized by a small population mainly on Spitsbergen Island, and it also plays a vital role in global biodiversity through the Global Seed Vault.

The investment climate in Svalbard is shaped by its unique legal status as a territory of Norway, which facilitates foreign investment, especially in tourism and resource extraction sectors. While potential investors face environmental regulations and the challenges of the harsh Arctic climate, the region's strategic location and abundant natural resources offer significant opportunities for growth.