Reported by Reuters

OSLO, March 8 (Reuters) – The ethics watchdog of Norway’s $1.3 trillion sovereign wealth fund said on Wednesday it is investigating whether three companies in which the fund has invested are involved in financial crime.

The Council on Ethics for the Government Pension Fund Global in its annual report said two European firms and one Asian group were under scrutiny, without naming them or saying whether more companies were targeted.

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The Norwegian fund is forbidden by parliament from investing in companies that produce nuclear weapons, landmines or tobacco, or that are implicated in crimes such as money laundering, tax evasion or human rights violations.

The watchdog said it had made a push last year to explore possible financial crimes among companies in the fund’s portfolio.

Read full report: https://www.reuters.com/markets/europe/norways-wealth-fund-investigates-firms-suspected-financial-crime-2023-03-08/