On Friday 16 February 2018 the Government presented a proposal for a new Anti-Money Laundering Act. The proposal will implement most of the EU Fourth Money Laundering Directive (Directive (EU) 2015/849).
The EU Fourth Money Laundering Directive is not yet a part of the EEA agreement. Consequently, there is no official implementation deadline for the Directive in Norway. However,
as the authorities have prioritized to align Norwegian legislation with EU law and the FATF Recommendations, we expect that the new Anti-Money Laundering Act will enter into force by 1st July 2018.
The legislative procedure in Parliament
The proposal is currently at the Committee stage. The Standing Committee for Finance and Economic Affairs will draft its recommendation and submit it to the Parliament for plenary session. The deadline for submitting this recommendation is the 8th May 2018. The Parliament will debate the recommendation from the committee and vote. This first reading of the Bill is schedule to take place the 14th May 2018. If the Bill passes the first reading, there must then be an interval of at least three days before the Parliament meets again to debate the Bill and vote for a second time – what we can call the second reading. If the Bill is adopted by the Parliament a second time, it has reached the end of the legislative process in the Parliament and has become an Act of Parliament. All that remains is for it to be submitted to the King in Council for the Royal Assent. When the King has signed the Act and the Prime Minister has countersigned, it becomes Norwegian law from the date stated in the Act or decided by the Government.
With the schedule set out by Parliament we expect that the new Anti-Money Laundering Act, implementing the EU Fourth Money Laundering Directive, will enter into force by 1st July 2018.
New update from FATF
On the 20th March 2018 the FATF published a new report on Norway's progress in strengthening its framework to tackle money laundering and terrorist financing since the 2014 mutual evaluation. The FATF has re-rated Norway on 8 of the 40 Recommendations. The report is available here.