Norway's Ministry of Finance has presented a consolidated bill proposing to bring accountants’ confirmation services within the scope of the Accountancy Act and to clarify the legal basis for imposing administrative fines on law firms that breach the Money Laundering Act. The package would make confirmations issued by accounting firms or state-authorised accountants subject to the Accountancy Act’s requirements on proper engagement performance and place these services under supervision by the Financial Supervisory Authority of Norway (Finanstilsynet). It would also explicitly confirm that law firms are covered by the Money Laundering Act, giving the Lawyer Supervisory Authority (Advokattilsynet) a clearer mandate to impose infringement penalties for breaches, and includes technical corrections to the Accounting Act. The measures are set out in Proposition 120 L (2024–2025) for legislative consideration.
Department of Finance (Norway) 2025-04-10
Norway's Ministry of Finance proposes extending the Accountancy Act to confirmation services and clarifying Lawyer Supervisory Authority powers to fine law firms for AML breaches
Norway's Ministry of Finance proposed a bill to include accountants' confirmation services under the Accountancy Act and clarify fines for law firms breaching the Money Laundering Act. It subjects accounting confirmations to the Financial Supervisory Authority's oversight and confirms the Lawyer Supervisory Authority's mandate to penalize law firms for violations. The proposal is detailed in Proposition 120 L (2024–2025).