Home  Sustainability  Policy for anti-corruption, money laundering, and sanctions

1. Purpose and application

This policy shall help to ensure that applicable laws, regulations, and relevant internal and external regulations are implemented, checked, and complied with, both internally in Eksportfinansiering Norge (“Eksfin”) and externally, in connection with: 

  • the prevention of money laundering and the financing of terrorism
  • anti-corruption
  • sanctions

The principles set out in this document shall serve as a basis for the agency’s preparation of:

  • Guidelines for the prevention of money laundering and the financing of terrorism
  • Guidelines for anti-corruption
  • Guidelines for sanctions 

This policy applies to all employees in the agency, including temporary employees, hired-in personnel, board members, and others who perform work for Eksfin or act on its behalf.

2. Definitions

Money laundering is an activity that aims to secure the proceeds of criminal activity so that the proceeds can be used by the perpetrator or others. Such activities may consist of using, converting, transferring, acquiring, or possessing assets or concealing or obscuring the assets’ true nature, origin, location, right of disposal, movements, and ownership, as well as attempts at or participation in the same, when the person doing so knows or should know that the assets originate from criminal acts or from participation in criminal acts.

The person responsible for money laundering is the person in Eksfin’s management who has special responsibility for following up on the implementation and compliance with this policy, the guidelines for the prevention of money laundering and the financing of terrorism, and the KYC procedure (cf. § 8, fifth paragraph of the Norwegian Money Laundering Act).

KYC is an abbreviation for “Know Your Customer”. 

Corruption is defined here as an abuse of power in trusted positions for personal gain and includes, among other things:

  • Active corruption, which involves giving someone an unfair advantage.
  • Bribery, which is an unfair advantage in the form of money or other benefit – or an offer or promise thereof – given or proposed, received or accepted, either directly or through intermediaries, for the purpose of influencing a decision to obtain or retain a business agreement or other unfair advantage.
  • Facilitation payment/lubrication, which is a small payment to an employee at a lower level in the public or private sector, paid as a personal benefit to the person in question for the purpose of speeding up a routine task that the employee is obliged to perform regardless of the payment.
  • Passive corruption, which involves demanding, receiving, or accepting an unfair advantage.
  • Influence peddling, which is an unfair advantage in the form of money or other benefit – or an offer or promise thereof – given or proposed, received or accepted, either directly or through intermediaries, for the purpose of influencing the execution of another person’s position or role, or the execution of assignments. Although influence peddling is regulated by a separate penal provision (cf. §389 of the Norwegian Penal Code), in these guidelines it falls under the definition of corruption.

Sanctions, which are non-military measures adopted by states or organisations in the form of economic, diplomatic, or other types of restrictions targeted at a state, group, and/or physical or legal entities for the purpose of promoting security policy or foreign policy interests. Sanctions involve the implementation of economic, diplomatic, or other types of restrictions that restrict freedom of action or rights of a state, group, and/or individuals, companies, or other entities. The purpose of sanctions is to influence the behaviour of the actor against which the sanctions are imposed. Sanctions also include EU sanctions. In referring to EU sanctions, the term “restrictive measures” is used.

Financing of terrorism, which is financing that financially supports terrorism.

US sanctions, which are a separate set of sanction regimes adopted by the United States. These are not implemented in Norwegian law. Norwegian individuals and companies may nevertheless be affected by the extraterritorial impact of the sanctions if they knowingly carry out transactions in violation of US sanctions.

3. Main principles

In its role as a management company under the Norwegian Ministry of Trade, Industry and Fisheries, Eksfin considers its efforts to prevent money laundering, the financing of terrorism, and corruption, as well as to ensure compliance with sanctions, as part of its overall social responsibility. 

3.1 Risk appetite/approach

The agency shall have an effective process that ensures satisfactory compliance with the regulations and the agency not being subject to a loss of reputation, written reprimand, listing on sanction lists, or financial losses as a result of violations of these. Financial losses include fines, corporate penalties, or sanctions. This is safeguarded by way of:

  • a clear set of values that are clearly communicated and understood through the agency,
  • the person responsible for money laundering being responsible for following up on the implementation of this policy, the guidelines for the prevention of money laundering and the financing of terrorism, and the KYC procedure and for reporting on compliance with the money laundering regulations to the board and CEO,
  • an organisational culture that is characterised by a high ethical standard, and
  • the implementation of more detailed guidelines in line with the principles adopted in this policy.

3.2 Prevention of money laundering and the financing of terrorism

Money laundering is socially harmful exploitation of our financial system that helps to ensure the profitability of criminal acts and poses a serious threat to a well-functioning business community.  Terrorism is a very serious form of crime which is largely dependent on funding. The prevention of the financing of terrorism is therefore very important in the fight against terrorism.

Eksfin shall not be used for or contribute to money laundering and the financing of terrorism and shall, as far as appropriate, comply with the Norwegian Money Laundering Act and associated regulations. 

Eksfin shall prepare guidelines to ensure that adequate procedures and processes are established, including the description of control activities to be carried out, in order to prevent and detect money laundering and the financing of terrorism in connection with export contracts financed by the state (external activities) and to ensure that the state is not involved in money laundering or receiving, which is punishable under the Norwegian Penal Code.

3.3 Anti-corruption

Corruption undermines legal business activity, distorts competition, destroys reputation, and exposes companies and individuals to risk. The fight against corruption is a key component in the UN SDGs (through sub-goal 16.2) to significantly reduce all forms of corruption and bribery.

Eksfin does not tolerate any form of corruption and is committed to working ethically, legally, and professionally as set out in the agency’s ethical principles.

Eksfin shall prepare guidelines to ensure that adequate procedures and processes are established, including the description of control activities to be implemented in order to avoid both external and internal corruption. Eksfin shall ensure that the guidelines for anti-corruption are practised within the framework of Norwegian and other relevant legislation, including the provisions of the Norwegian Penal Code and other regulations and obligations that the agency is subject to or has undertaken to adhere to, including the OECD Council Recommendation on Bribery and Officially Supported Export Credits.

3.4 Sanctions

The sanctions that Norway introduces are intended to maintain peace and security or to ensure respect for democracy and the rule of law, human rights, or international law in general, by forcing change by way of measures that restrict the individual actor’s economic and material ability to commit the undesirable acts. Sanctions also signal the dissatisfaction of the wider world with the actions it is reacting to and can thus have a norm-setting effect and help to uphold respect for international norms. 

Eksfin shall comply with Norwegian sanctions legislation as follows from the Norwegian Sanctions Act. In addition, the agency will take into account US sanctions, where breaches of these may have a negative effect on the agency’s access to the US market. 

Eksfin shall prepare guidelines that ensure that adequate procedures and processes are established, including the description of control activities to be implemented to ensure that Eksfin does not contribute to the violation of sanctions or otherwise act contrary to international sanctions in a way that could result in penalties, listing, or the loss of reputation. 

3.5 Anti-corruption group

The anti-corruption group shall deal with cases where a transaction’s risk assessment indicates an elevated risk of money laundering, the financing of terrorism, corruption, or violation of sanctions. The group’s recommendation is sent to the customer manager, who ensures that this is incorporated into the notes regarding the credit. The group can also provide recommendations on preventative measures. The group shall serve as a competence centre and take a leading role in the development of professional expertise in the prevention of money laundering and the financing of terrorism, anti-corruption, and sanctions in the agency and within the anti-corruption group, as well as help to train employees. The anti-corruption group shall assist in and give advice on the development and updating of governing documents related to anti-corruption.  The tasks and responsibilities of the anti-corruption group are described in more detail in a separate mandate.

4. Organisation, roles, and responsibilities

4.1 Board

The board has overall responsibility for determining the agency’s risk tolerance in respect of money laundering, the financing of terrorism, corruption, and sanctions, including the adoption of the agency’s policy for working to prevent money laundering and the financing of terrorism, anti-corruption, and sanctions. The board shall ensure that the strategies adopted are implemented.

4.2 Administrerende direktør

Administrerende direktør har det overordnede ansvar for å vedta retningslinjer for arbeid med forebygging av hvitvasking og terrorfinansiering, antikorrupsjon og sanksjoner herunder at føringer i retningslinjene blir implementert og gjennomført i organisasjonen.

4.3 CEO

The managers of the different business areas have operational responsibility for the implementation of measures by ensuring that guidelines and procedures are implemented in their own organisation at all times. 

5. Compliance and reporting

The document must be approved by the board each year or in connection with material changes. The document is owned by the chief compliance officer. The CEO is responsible for presenting the document for approval.

5.1 Reporting

The reporting requirements are described in detail in:

  • Guidelines for the prevention of money laundering and the financing of terrorism
  • Guidelines for anti-corruption
  • Guidelines for sanctions