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Norway mutual-evaluation-report-presentation

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Norway mutual-evaluation-report-presentation

  1. 1. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 1 Anti-money laundering and counter- terrorist financing measures in Norway Fourth Round Mutual Evaluation Key findings, ratings and priority actions 18 December 2014 www.fatf-gafi.org/topics/mutualevaluations/documents/mer-norway-2014.html
  2. 2. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Key findings  Information on, and analysis of money laundering risks in Norway is incomplete. – Norway needs to work further to identify and understand the risks, including on predicate offences – Information on, and assessment of, terrorist financing risks is much stronger  The lack of overarching national anti-money laundering and countering the financing of terrorism (AML/CFT) policies, strategies, and policy-level coordinating mechanisms, has caused shortcomings. 2
  3. 3. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Key findings  Use of financial intelligence differs significantly between competent authorities.  Investigation and prosecution of money laundering is not a high priority, primarily due to the focus on the predicate offence, leading to few money laundering prosecutions and convictions.  Norway is taking appropriate action to detect and disrupt terrorist financing in line with the identified risks, but there are weaknesses regarding targeted financial sanctions. 18-Dec-14 3
  4. 4. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Key findings  Norway has taken significant measures to implement proliferation financing sanctions. But effectiveness is undermined by delays to transpose the designations into Norwegian law and a lack of supervision of the sanctions implementation by reporting entities.  Since 2009, Norway has taken limited action to update laws and other measures, particularly for preventive measures, and this is a priority for enhancing compliance and effectiveness. 18-Dec-14 4
  5. 5. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Key findings  The Financial Supervisory Authority conducts limited AML/CFT supervision, mostly in the context of prudential and business conduct supervision. – serious breaches of basic compliance have been identified – they have not sanctioned financial institutions other than issuing written warnings  There is an extensive and transparent system of registers on legal ownership and control.  Norway has taken an open and collaborative approach to international cooperation. 18-Dec-14 5
  6. 6. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Ratings – Effectiveness (1/3) 6 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Norway has achieved this objective 1. ML and TF risks are understood and, where appropriate, actions co-ordinated domestically to combat ML and TF Moderate 2. International co-operation delivers appropriate information, financial intelligence, and evidence, and facilitates action against criminals and their assets Substantial 3. Supervisors appropriately supervise, monitor and regulate financial institutions and designated non-financial businesses and professions (DNFBPs) for compliance with AML/CFT requirements commensurate with their risks. Moderate 4. Financial institutions and DNFBPs adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions. Moderate
  7. 7. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 7 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Norway has achieved this objective 5. Legal persons and arrangements are prevented from misuse for money laundering or terrorist financing, and information on their beneficial ownership is available to competent authorities without impediments Moderate 6. Financial intelligence and all other relevant information are appropriately used by competent authorities for money laundering and terrorist financing investigations. Moderate 7. Money laundering offences and activities are investigated and offenders are prosecuted and subject to effective, proportionate and dissuasive sanctions Moderate 8. Proceeds and instrumentalities of crime are confiscated. Moderate Ratings - Effectiveness
  8. 8. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 8 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Norway has achieved this objective 9. Terrorist financing offences and activities are investigated and persons who finance terrorism are prosecuted and subject to effective, proportionate and dissuasive sanctions. Substantial 10. Terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the non-profit sector. Moderate 11. Persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant United Nations Security Council Resolutions. Moderate Ratings - Effectiveness
  9. 9. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 18-Dec-14 9 Ratings – Effectiveness 0 2 9 0 High Substantial Moderate Low
  10. 10. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Ratings – technical compliance 18-Dec-14 10 AML/CFT POLICIES AND COORDINATION 1. Assessing risks & applying a risk-based approach Partially compliant 2. National cooperation and coordination Partially compliant MONEY LAUNDERING AND CONFISCATION 3. Money laundering offence Compliant 4. Confiscation and provisional measures Largely compliant TERRORIST FINANCING AND FINANCING OF PROLIFERATION 5. Terrorist financing offence Largely compliant 6. Targeted financial sanctions related to terrorism & terrorist financing Partially compliant 7. Targeted financial sanctions related to proliferation Partially compliant 8.Non-profit organisations Largely compliant
  11. 11. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Ratings – technical compliance 18-Dec-14 11 PREVENTIVE MEASURES 9. Financial institution secrecy laws Largely compliant Customer due diligence and record keeping 10. Customer due diligence Partially compliant 11. Record keeping Largely compliant Additional measures for specific customers and activities 12. Politically exposed persons Partially compliant 13. Correspondent banking Partially compliant 14. Money or value transfer services Largely compliant 15. New technologies Partially compliant 16. Wire transfers Partially compliant
  12. 12. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Ratings – technical compliance 18-Dec-14 12 PREVENTIVE MEASURES (continued) Reliance, Controls and Financial Groups 17. Reliance on third parties Partially compliant 18. Internal controls and foreign branches and subsidiaries Partially compliant 19. Higher-risk countries Largely compliant Reporting of suspicious transactions 20. Reporting of suspicious transactions Compliant 21. Tipping-off and confidentiality Largely compliant Designated non-financial Businesses and Professions (DNFBPs) 22. DNFBPs: Customer due diligence Partially compliant 23. DNFBPs: Other measures Largely compliant
  13. 13. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 18-Dec-14 13 TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS 24. Transparency and beneficial ownership of legal persons Partially compliant 25. Transparency and beneficial ownership of legal arrangements Partially compliant POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND OTHER INSTITUTIONAL MEASURES Regulation and Supervision 26. Regulation and supervision of financial institutions Partially compliant 27. Powers of supervisors Largely compliant 28. Regulation and supervision of DNFBPs Partially compliant Operational and Law Enforcement 29. Financial intelligence units Largely compliant 30. Responsibilities of law enforcement and investigative authorities Compliant 31. Powers of law enforcement and investigative authorities Largely compliant 32. Cash couriers Compliant Ratings – technical compliance
  14. 14. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 18-Dec-14 14 TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS (continued) General Requirements 33. Statistics Partially compliant 34. Guidance and feedback Largely compliant Sanctions 35. Sanctions Partially compliant INTERNATIONAL COOPERATION 36. International instruments Compliant 37. Mutual legal assistance Largely compliant 38. Mutual legal assistance: freezing and confiscation Largely compliant 39. Extradition Largely compliant 40. Other forms of international cooperation Largely compliant Ratings – technical compliance
  15. 15. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 18-Dec-14 15 Ratings – technical compliance 5 16 18 0 Compliant Largely compliant Partially compliant Non-compliant
  16. 16. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Priority Actions for Norway to strengthen its AML/CFT System  Assessment of risk, coordination and policy setting – Work as soon as possible on a more robust National Risk Assessment. – Develop national AML/CFT policies based on money laundering and terrorist financing risks, and improve coordination. – Maintain comprehensive statistics on anti- money laundering issues to inform the risk assessment and support evidence-based policy making. 16
  17. 17. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Priority Actions for Norway to strengthen its AML/CFT System  Money laundering and the use of financial intelligence – Law enforcement agencies should prioritise and give investigative focus to further use financial intelligence and the money laundering offence to target organised crime, tax offences, foreign proceeds of crime and other high threat areas. – The police districts and KRIPOS/NAST should enhance their use of financial intelligence. – Norwegian police and prosecution authorities should continue to prioritise confiscation of proceeds of crime and examine why actions to confiscate criminal proceeds are not effective. 18-Dec-14 17
  18. 18. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Priority Actions for Norway to strengthen its AML/CFT System  Terrorist financing and proliferation financing – Develop national policies to use targeted financial sanctions to combat TF and PF, including by: • establishing a mechanism to implement all aspects of targeted financial sanctions • removing delays in transposition of designations for proliferation financing sanctions into Norwegian law • monitoring of reporting entities for compliance with the targeted financial sanctions 18-Dec-14 18
  19. 19. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Priority Actions for Norway to strengthen its AML/CFT System  Preventive measures and supervision – Update AML/CFT preventive measures of Money Laundering Act consistent with the FATF Recommendations – Establish a stronger, clearer and more comprehensive requirement for reporting entities to assess ML/TF risk, implement preventive measures on a risk-sensitive basis – Enhance AML/CFT supervision and ensure future supervision on the basis of ML/TF risk – Supervisors should ensure that AML/CFT deficiencies identified during examinations lead to dissuasive, proportionate and effective supervisory actions 18-Dec-14 19
  20. 20. Anti-money laundering and counter-terrorist financing measures in Norway – Mutual Evaluation Report – December 2014 Priority Actions for Norway to strengthen its AML/CFT System  Transparency and beneficial ownership – Take measures to ensure that beneficial ownership information of Norwegian legal entities is available when they are owned by foreign entities – Obligations (and associated sanctions) should be imposed on trustees of foreign trusts to disclose their status to reporting entities 18-Dec-14 20

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