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, benefits from a strong anti-corruption framework, with Norway ranking fourth in Transparency International's 2023 Corruption Perceptions Index. The country has robust laws against bribery and corruption, applicable to both domestic and foreign activities, and its law enforcement agency, ØKOKRIM, effectively investigates and prosecutes corruption cases. While Norway's legal framework is commendable, recent evaluations suggest areas for improvement, particularly regarding the prosecution of foreign bribery and the clarity of corporate liability.

Svalbard and Jan Mayen has a high-income economy primarily driven by coal mining, tourism, and research sectors, with a significant reliance on natural resources such as coal, iron ore, and fish. The largest settlement, Longyearbyen, serves as the economic hub for the small population concentrated mainly on Spitsbergen.

The investment climate in Svalbard and Jan Mayen benefits from its status as a territory of Norway, which provides a stable legal framework that encourages foreign investments, particularly in tourism and research. Investors must comply with Norwegian regulations and navigate the unique challenges posed by the Arctic environment, while the Svalbard Treaty facilitates an open environment for international investment by granting rights to citizens and corporations from signatory nations.