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Europe > Norway

You are looking at 1 - 7 of 7 items for :

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Cover FinTech Notes
Cross-Border Payments with Retail Central Bank Digital Currencies: Design and Policy Considerations
Andre Reslow
,
Gabriel Soderberg
, and
Natsuki Tsuda
Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.
Keywords:
central bank digital currencies; cross-border payments; fintech; foreign exchange; capital flow management; eNaira; cross-border payment; IMF Library; capital flow management measure; provider restriction; CBDC design consideration; Currencies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Nonbank financial institutions; Global
Cover IMF Staff Country Reports
Nordic-Baltic Regional Report: Technical Assistance Report-Nordic-Baltic Technical Assistance Project Financial Flows Analysis, AML/CFT Supervision, and Financial Stability
International Monetary Fund. Legal Dept.
This paper presents a regional report on Nordic-Baltic technical assistance project: financial flows analysis, Anti-Money Laundering and combating the Financing of Terrorism (AML/CFT) Supervision, and Financial Stability. The purpose of the project is to conduct an analysis of cross-border ML threats and vulnerabilities in the Nordic-Baltic region—encompassing Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden (the Nordic-Baltic Constituency or NBC)—and issue a final report containing recommendations for mitigating the potential risks. The financial flows analysis presented in this report is based on the IMF staff’s analysis of cross-border payments data. Six out of the eight Nordic-Baltic countries have seen an increase in aggregate flows since 2013. Monitoring cross-border financial flows provides countries with a deeper understanding of their external ML threat environment and evolving cross-border related risks they are facing. Leveraging broader analysis of ML/TF cross-border risk, the Nordic-Baltic countries should develop their own understanding of higher-risk countries reflecting country-specific ML/TF threats.
Keywords:
TF risk assessment; colleges participation; TF risk; EU Anti-Money Laundering Authority; supervisory cooperation; information Sharin; Anti-money laundering and combating the financing of terrorism (AML/CFT); Virtual currencies; Correspondent banking; Internal controls; Financial sector stability; Baltics; Global
Cover IMF Staff Country Reports
Norway: Financial System Stability Assessment-Press Release; and Statement by the Executive Director for Norway
International Monetary Fund. Monetary and Capital Markets Department
Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic, with the missions ending on February 13, 2020. Given the FSAP’s focus on medium-term challenges and vulnerabilities, however, its findings and recommendations for strengthening policy and institutional frameworks remain pertinent. The report was updated to reflect key developments and policy changes since the mission work was completed. It also includes a risk analysis that quantifies the possible impact of the COVID-19 crisis on bank solvency. Since the previous FSAP in 2015, the Norwegian authorities have taken welcome steps to strengthen the financial system. Regulatory capital requirements for banks were raised and actions were taken to bolster the weak capital position of insurers. Alongside other macroprudential measures, temporary borrower-based measures for residential mortgages were introduced, which seem to have had some moderating impact on segments of the housing market. The resolution framework was also strengthened, with the implementation of the Bank Recovery and Resolution Directive (BRRD) and the designation of Finanstilsynet (FSA) as the resolution authority.
Keywords:
ISCR; CR; cybersecurity risk oversight; government measure; cybersecurity risk supervision; risk analysis; financial market volatility; resolution authority's mandate; Financial stability assessment; Stress testing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Liquidity requirements; Insurance companies; Global
Cover IMF Staff Country Reports
Norway: Financial Sector Assessment Program-Technical Note-Banking Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
This note presents a targeted review of selected aspects in the regulation and supervision of banks in Norway. The review is carried out as part of the 2020 Norway Financial Sector Assessment Program (FSAP) and the findings and recommendations are based on the regulatory framework in place and the supervisory practices employed at end-October 2019. The note focuses on the powers and responsibilities, independence, and resourcing of Finanstilsynet (FSA); its supervisory approach and enforcement powers and practices; key aspects of the prudential framework; and mechanisms to prevent abuse of financial services.
Keywords:
ISCR; CR; risk assessment; FSA budget; FSA decision; FSA expectation; FSA power; supervisory guidance; FSA onsite; FSA control; FSA approach; due diligence; FSA staff; FSA plan; Financial stability assessment; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit risk; Capital adequacy requirements; Operational risk; Global
Cover IMF Staff Country Reports
Norway: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway
International Monetary Fund. European Dept.
While many advanced economies are experiencing slower growth, Norway’s output has continued to expand strongly, helped by a robust labor market, positive terms of trade, and some competitiveness gains. Core inflation has picked up to close to 2¼ percent. Residential house price growth has softened significantly but prices remain overvalued, and household debt continues to rise. Commercial real estate risks are also intensifying and combine with mounting external risks to cloud the outlook. The Christian Democrats have recently joined Prime Minister Solberg’s governing coalition, which now enjoys a majority in parliament.
Keywords:
ISCR; CR; rate; authority; debt; fiscal policy; liability positions vis-à-vis nonresident; mainland GDP; household debt-sustainability; exchange arrangement; further rate hike; property price growth; monetary policy normalization; expenditure saving; core inflation; Housing prices; Anti-money laundering and combating the financing of terrorism (AML/CFT); Inflation; Labor markets; Employment; Global; Baltics; transparency policy; article IV of the IMF's article; money market rate
Cover IMF Working Papers
Natural Resource Endowments, Governance, and the Domestic Revenue Effort: Evidence from a Panel of Countries
Mr. John Thornton
,
Fabian Bornhorst
, and
Mr. Sanjeev Gupta
The recent development literature stresses that countries that receive large revenues from natural resource endowments typically raise less revenue from domestic taxation, and that this creates governance problems because the lower domestic tax effort reduces the incentive for the public scrutiny of government. Our results from a panel of 30 hydrocarbon producing countries indicate that the offset between hydrocarbon revenues and revenues from other domestic sources is about 20 percent but that it is invariant to governance indicators.
Keywords:
WP; revenue; hydrocarbon revenue; GDP
Cover IMF Staff Country Reports
Norway: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
The report on Norway’s Observance of Standards and Codes on the Financial Action Task Force Recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) is examined. It describes and analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. The AML/CFT priorities have been to increase the effectiveness of measures to detect, prosecute, and confiscate proceeds of crime and to enhance international cooperation as well as competence building.
Keywords:
ISCR; CR; declaration system; customer identification measure; due diligence; requests Norway; terrorist organisation; customer relationship; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Legal support in revenue administration; Terrorism financing; Financial stability assessment; Global