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Internal Market: Norway to be brought to Court for insufficient supervision of money laundering

29.5.2013

PR(13)46

The EFTA Surveillance Authority has today decided to bring a case against Norway before the EFTA Court for failing to correctly implement rules on anti-money laundering and terrorist financing. 

The Authority considers that Norway has failed to put in place a system which guarantees that certain service providers are effectively supervised. 

Under Norwegian law, providers of certain services to trust or companies , and other natural or legal persons trading in goods that make large payments in cash, are not presently subject to effective supervision by a public authority. Under Directive 2005/60, such an authority should have been appointed in order to ensure that these persons respect the relevant anti-money laundering rules. 

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

Norway has admitted the identified shortcoming, but has so far not adopted the necessary legislation to remedy it. 

As Norway failed to take satisfactory measures after receiving the Authority's reasoned opinion in December 2012, the matter will now be brought before the EFTA Court.

 

For further information, please contact:

Mr. Xavier Lewis
Director, Department of Legal and Executive Affairs
Tel: (+32)(0)2 286 18 30

or

Mr. Jonas Pålshammar
Officer, Department of Internal Market Affairs
Tel: (+32)(0)2 286 18 34




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