Svalbard and Mayen Country Summary

Svalbard and Jan Mayen is a territory of Norway. As such, we are including the information for Norway below:

FATF Status

Norway is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest follow-up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Norway was published in 2023. According to that Evaluation, Norway was deemed Compliant for 19 and Largely Compliant for 18 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 5 of the Effectiveness & Technical Compliance ratings.

Svalbard and Jan Mayen, as territories of Norway, benefit from a robust legal and governance framework that effectively combats crime and corruption. The country maintains a strong stance against organized crime, supported by a transparent government and trusted law enforcement agencies, although challenges remain in certain areas of policing and the enforcement of foreign bribery laws.

Svalbard and Jan Mayen boast a high-income economy primarily fueled by coal mining, tourism, and research, with notable contributions from natural resources like coal, iron ore, copper, and zinc. The region's small population is largely concentrated in Longyearbyen on Spitsbergen, and it also serves as a unique base for whaling, fishing, and housing the Global Seed Vault. While the investment climate benefits from Norway's stable legal framework, potential investors face challenges due to the Arctic environment, highlighting the need for economic diversification beyond the dominant sectors.