Svalbard and Mayen Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
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.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
Rating | 0 (bad) - 100 (good) |
---|---|
Transparency International Corruption Index | 84 |
World Bank: Control of Corruption Percentile Rank | 99 |
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.
Economy
Svalbard and Jan Mayen has a high-income economy primarily driven by coal mining, tourism, and research sectors, with natural resources such as coal, iron ore, copper, and wildlife playing a significant role. The region is also notable for hosting the northernmost brewery and serves as a key base for whaling and fishing activities.
The investment climate in Svalbard and Jan Mayen benefits from its status as a non-self-governing territory of Norway, which provides a stable legal framework and encourages international investment through the Svalbard Treaty. Despite its remote location, the region's unique economic opportunities in tourism and research, along with its commitment to environmental protection and sustainable practices, make it an attractive destination for investors.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings