Norway (NO)

Jurisdiction Overview

471 *BO Record: Does the registration of domestic companies comprise beneficial owner's identity information? Yes, more than 25%. All companies require recording of all beneficial owners at threshold of more than 25% (FATF).
 Data Date: 2019


On February 2019, the Norwegian Parliament adopted a proposal for a new Beneficial Ownership Register Act, applying to all legal entities doing business in Norway ( The Beneficial Ownership Register Act "implements the remaining parts of the EU's fourth money laundering directive (Directive 2015/849) in Norwegian law (see also Prop. 40 L (2017-2018))." (Beneficial Ownership Register Act; google translation). However, it should be noted that as of December 2019, the beneficial ownership register had not yet been implemented.
Section 3 of the Beneficial Ownership Register Act defines the criteria to be used to identify beneficial owners as "Regarding legal persons and other associations that are not foundations or foreign legal arrangements, the Ministry in the aforementioned bill proposed to specify a number of different situations that give grounds for a person to be considered a real rights holder, see new Money Laundering Act section 14, first paragraph. This includes ownership of more than 25 per cent of the ownership shares, control of more than 25 per cent of the voting shares, the right to appoint or dismiss more than half of the directors, or control in any other way. If the rights mentioned above are based on an agreement with owners, articles of association or the like, it will also provide a basis for considering a person as a real licensee." (Beneficial Ownership Register Act; google translation). It should be noted that when ownership or vote share percentages are calculated, family members are to be viewed together, making it harder to divide ownership among family members to avoid the threshold. (Beneficial Ownership Register Act).
In 2017 the Global Forum wrote: "An expert legal committee was appointed in February 2015 to prepare implementation of the Fourth EU AML Directive into domestic legislation and to consider amendments in the national AML/CFT regime to fulfil the recommendations laid out in the 2014 FATF evaluation report on Norway" [...]"A separate Act on Beneficial Ownership is also part of the proposal. The new Act on Beneficial Ownership will impose obligations on all legal persons incorporated in Norway, as well as trustees of foreign trusts and similar legal arrangements to hold and update information on beneficial owners which shall be accessible to competent authorities. The information on beneficial ownership shall also be submitted to a central register" (GF 2017: 24-25).


GF 2017: 24-25; Beneficial Ownership Register Act