Norway steps up on beneficial ownership transparency

In October 2024, Norway made a landmark move in corporate transparency and accountability by launching its beneficial ownership register. This initiative stands out as several European countries have scaled back public access to beneficial ownership information, citing privacy concerns following a 2022 European Court of Justice ruling. Norway’s register, however, strikes a thoughtful balance between promoting public accountability and safeguarding privacy.

Advancing transparency through EITI implementation

As an EITI implementing country, Norway has long prioritised openness and accountability in its extractive industries. It is widely recognised for its systematic disclosure of sector data through platforms like norwegianpetroleum.no. However, beneficial ownership transparency has historically been a blind spot, as identified in Norway’s 2023 Validation against the EITI Standard.

The launch of the new register marks a significant step in addressing this gap. Companies and organisations must report detailed information about their beneficial owners—including full names, national identity numbers, citizenships, countries of residence, and organisation numbers. Reporting is mandatory by 31 July 2025, with fines for non-compliance.

Navigating European challenges in beneficial ownership transparency

Norway’s beneficial ownership register reflects lessons from European efforts to balance transparency and privacy. The European Union’s Fourth and Fifth Anti-Money Laundering Directives (AMLD) have heavily influenced Norway’s beneficial ownership transparency policies. While the Fourth AMLD (2015) limited access to those with a “legitimate interest”, the Fifth AMLD (2018) expanded this to include public access, reinforcing the EU’s commitment to openness.

In response, Norway initially aimed to launch its beneficial ownership register nearly two years ago. However, 2022 European Court of Justice (ECJ) ruling curtailed public access, citing potential conflicts with the General Data Protection Regulation (GDPR). This prompted Norway to adopt a narrower model, restricting access to those with a legitimate interest.

The 2024 EU Anti-Money Laundering package provided Norway with a renewed opportunity to reassess its beneficial ownership policies. Recognising the vital role of civil society, media and academia in promoting accountability, the Ministry of Finance to categorised these groups as having a legitimate interest, granting them access to the new register for investigative and research purposes. This compromise aligns with the EITI and EU frameworks, ensuring transparency while respecting privacy rights.

Transparency and accessibility: A regional perspective

Norway’s Finance Committee has highlighted the far-reaching benefits of publicly accessible beneficial ownership information. Beyond combatting money laundering, transparency about the ultimate owners of companies supports numerous societal goals:

• Fighting tax evasion: Public beneficial ownership data exposes illicit financial flows, ensuring tax are properly allocated.
• Enhancing transparency in property ownership and public procurement: Ownership disclosure reduces the risks of hidden conflicts in high-value transactions.
• Uncovering corruption and conflicts of interest: An open register empowers the public to identify ties between public officials and private businesses.
• Analysing market dynamics: Beneficial ownership data helps researchers understand corporate structures, promoting fair competition.
• Facilitating cross-border research: Researchers rely on beneficial ownership data for studies that inform economic policies and strengthen market integrity.

Fourteen EU countries, including Denmark, France and Latvia, maintain open beneficial ownership registries. Latvia, for instance, cites national security as a reason for maintaining public access, while the UK emphases the benefits of transparency in crime prevention and economic stability.

Next steps

Tax Justice Norway (TJN) advocates for a fully open beneficial ownership register, arguing that the societal benefits outweigh privacy risks. While Norway’s approach provides access to key stakeholders, the Finance Minister has hinted at exploring options for broader public access.

To maximise the register’s impact, Norway must also focus on strengthening mechanisms to verify the accuracy of beneficial ownership data. Reliable, high-quality information builds trust, enabling the public, media and civil society to use it effectively.

Norway has an opportunity to set a global benchmark in beneficial ownership transparency. By expanding access for legitimate stakeholders, bolstering data reliability, and maintaining its balance between privacy and accountability, Norway’s beneficial ownership register could provide further inspiration for countries worldwide to pursue transparency as a cornerstone of responsible governance.