Norway's Ministry of Finance has established a private-sector reference group to support a working group assessing how Norway should implement the European Union’s new anti-money laundering legislative package. The reference group is intended to involve private-sector actors that are, or will be, covered by or otherwise affected by the package’s requirements. Based on expressions of interest, the ministry has formed the group with representatives including the Norwegian Bar Association, Finans Norge, Regnskap Norge, Revisorforeningen, Verdipapiforetakenes forbund (VPFF), Verdipapirfondenes forening (VFF), Eiendom Norge, Norges Eiendomsmeglerforbund, Norsk Tipping, Stiftelsen Norsk Rikstoto, Cefor (The Nordic Association of Marine Insurers), Norsk Kunst- og antikvitetshandleres forening, Fundraising Norge, Norsk Presseforbund and Virke. The working group will engage the reference group directly. The EU package was adopted on 31 May 2024 and, in the EU, is expected to apply mainly from summer 2027 with some exceptions. The ministry notes the package is assumed to be EEA-relevant, though parts may not be, and highlights features including a more harmonised regime, expanded scope of entities subject to anti-money laundering rules, a clearer link to EU sanctions rules, and clarified parameters for beneficial ownership registers and access conditions.
Department of Finance (Norway) 2025-01-21
Norway's Ministry of Finance establishes private-sector reference group to support work on implementing the EU anti-money laundering package
Norway's Ministry of Finance has formed a private-sector reference group to help evaluate the EU's new anti-money laundering legislative package. The group includes representatives from sectors like the Norwegian Bar Association and Finans Norge and will work with the ministry's working group. The EU package, adopted in May 2024, aims for a harmonised regime with expanded scope and clearer links to EU sanctions, expected to apply mainly from summer 2027.