Anti Money Laundering (AML) in Norway
Money laundering in Norway is a significant concern for the Norwegian government. Therefore, ongoing efforts are needed to combat money laundering and terrorism financing within the country.
Norway criminalized money laundering in Section 317 of the Penal Code. Charges can be brought for different types of money laundering, ranging in seriousness from drug-related money laundering to negligent money laundering. Additionally, the Money Laundering Act of 2004 established customer identification procedures and reporting requirements for financial institutions.
Norway’s Financial Intelligence Unit (FIU), the Money Laundering Unit, is located within the National Authority for Investigation and Prosecution of Economic and Environmental Crime and is responsible for receiving and processing reports of suspicious transactions.
Further AML measures taken in Norway include the Anti-Corruption and Money Laundering Project, operating under the Ministry of Justice. This project has the main responsibility of drafting a new Governmental Action Plan Against Economic Crime.
AML Training in Norway
The Act Relating to Measures to Combat Money Laundering of the Proceeds of Criminal Activities, etc., (Money Laundering Act) states that all Norwegian financial institutions have an obligation to train their employees to recognize and prevent money laundering from occurring.
The Economy of Norway
The Norwegian economy is very prosperous and based on welfare capitalism, featuring a combination of free market activity and government intervention. The country is richly endowed with natural resources — petroleum, hydropower, fish, forests, and minerals—and is highly dependent on its oil production and international oil prices, with oil and gas accounting for one-third of exports. Norway is also among the world's largest exporters of fuels and fuel products. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence and strong investment spending in the offshore oil and gas sector. Norway's record high budget surplus and upswing in the labor market in 2007 highlighted the strength of its economic position going into 2008.
Banking in Norway
Norges Bank is Norway’s Central Bank. The Central Bank is responsible for maintaining the country’s monetary policy, as well as managing foreign exchange reserves, price stability, payment systems and financial stability. Norges Bank is also the sole issuer of the Norwegian currency, the Krone.
Norwegian Currency
Norway’s currency is the Krone. Banknotes are available in 50, 100, 200, 500 and 1,000 denominations. Coins are available in 50 øre, and 1, 5, 10, 20 krone.
Other Key Statistics of Norway
Time Zone: UTC+1 (6 hours ahead of Washington, DC during Standard Time).
Daylight Saving Time: +1hr, begins last Sunday in March; ends last Sunday in October.
Location: Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden.
Population: 4,644,457 (July 2008 est.).
Labor Force: Approximately 4% work in agriculture, 22% in industry and 74% in services industries. The unemployment rate is 2.5%.
Languages Spoken: Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities. Note - Sami is official in six municipalities.
Trade Organizations: Norway is a member of the World Trade Organization (WTO) and the United Nations (UN).
