Today, breaking news from Reuters has stirred the global financial community as Norway's largest sovereign wealth fund announced plans to investigate coin and casino companies. The Ethics Council of the fund plans to carefully review companies related to coins and the gambling industry in 2025 to detect potential money laundering.
Norway's sovereign wealth fund, valued at up to $1.8 trillion, owns shares in 8,700 companies worldwide and adheres to ethical guidelines established by the Norwegian parliament. The Ethics Council is tasked with ensuring that the companies in which the fund invests strictly comply with ethical standards. If violations are detected, the Council may propose that the fund divest or place the company on a public watchlist.
Specifically, the fund is currently investing in the cryptocurrency exchange Coinbase at a rate of 0.83%, valued at $453 million. This is one of the focal points of the upcoming investigation. The ongoing investigation may trigger a significant wave of actions affecting the coin and altcoin market, and will continue to develop over the next year.
Additionally, the footwear industry and other companies have long been monitored for working conditions in factories in Asia, an issue that will continue to be investigated in 2025. Major companies like Nike, Adidas, and Puma are also on the watchlist for labor conditions.
In a statement via email, the Ethics Council stated that it cannot predict the outcomes of the investigations. However, Norges Bank, the fund's operating body, often implements recommendations from the Council without always notifying the public when it begins divesting, ensuring that the market is not shaken.
Source: Reuters.
