Norwegian financial institutions don't check whether money flows from Norway to known terror organizations such as Hamas, ETA or the Tamil Tigers. Norwegian authorities haven't required them to do so.
Norway is obligated to fight financing of terrorism under a UN convention that it signed after the September 11 attacks in the US. Norway also quickly approved a law making funding of terrorist organizations punishable by up to 15 years in prison.But several known terrorist organizations aren't on the list of those that banks and other financial institutions are supposed to watch out for.Regulators in Norway have distributed a UN list to Norwegian banks with the names of 206 persons, 65 financial institutions and companies, and 10 organizations suspected of being involved with the financing of terrorism.Local banks are required to report any transactions involviing names on the list to the authorities, which then may freeze accounts.Those missing were apparently overlooked on the UN list, and Norwegian authorities have been reluctant to add them for fear of unfairly exposing innocent bank customers, and risking damage claims.
Norway is obligated to fight financing of terrorism under a UN convention that it signed after the September 11 attacks in the US. Norway also quickly approved a law making funding of terrorist organizations punishable by up to 15 years in prison.But several known terrorist organizations aren't on the list of those that banks and other financial institutions are supposed to watch out for.Regulators in Norway have distributed a UN list to Norwegian banks with the names of 206 persons, 65 financial institutions and companies, and 10 organizations suspected of being involved with the financing of terrorism.Local banks are required to report any transactions involviing names on the list to the authorities, which then may freeze accounts.Those missing were apparently overlooked on the UN list, and Norwegian authorities have been reluctant to add them for fear of unfairly exposing innocent bank customers, and risking damage claims.
