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Internal Market: Norway and Iceland must further strengthen supervision of money laundering

13.12.2012

PR(12)82

The deadline to implement the third Anti – Money Laundering Directive[1] expired on 15 December 2007. Both Norway and Iceland have enacted implementing legislation, but certain aspects are missing. Under Norwegian and Icelandic law, certain service providers are not subject to supervision by a public authority. This is a breach of the EEA Agreement. The EFTA Surveillance Authority has delivered two reasoned opinions to the two States on this issue.

Under Norwegian law, trust or company service providers and other natural or legal persons trading in goods are not subject to supervision by a public authority. In Iceland, real estate agents and auditors are without such supervision. Norway and Iceland must appoint supervisory authorities to monitor effectively and report suspicious transactions made by these service providers.

The purpose of the supervision is to prevent and combat money laundering and terrorist financing, and thus to safeguard the integrity of the financial sector and other sectors.

The Norwegian and Icelandic authorities have admitted the shortcomings, but have yet not found an effective and practical solution to the matter.

Delivery of a reasoned opinion is the second stage in infringement proceedings.  The Authority may bring the matter before the EFTA Court if the States fail to take the measures necessary to comply within two months of receiving the reasoned opinion.

 

For further information, please contact:

Mr. Trygve Mellvang-Berg
Press & Information Officer
tel. (+32)(0)2 286 18 66
mob. (+32)(0)492 900 187



[1] Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of financial system for the purpose of money laundering and terrorist financing.




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