The country’s National Authority for the Investigation and Prosecution of Economic and Environmental Crime (Økokrim) set up the phone line after more than 11 million documents were leaked from Panamanian law firm Mossack Fonseca.
The Panama Papers database was opened to the public on Monday, with nearly 100 Norwegian addresses listed among the documents.
Økokrim stated that, while having funds offshore is not in itself an offence, failing to inform the Norwegian tax authority is.
Those coming forward voluntarily, who have not yet come to the attention of the police, will face a substantially lower punishment. Depending on the circumstances, the financial penalty could be reduced by as much as a third.
Tax evaders in Norway who do not voluntarily disclose their actions to the authorities face up to six years in prison plus a financial penalty, usually 30% of the unpaid tax.
However, if they are found to have acted intentionally or with culpable negligence they can face a penalty of up to 60% of the unpaid tax. Those with multiple offences can face up to 12 years in prison.
Any information given to the hotline will be passed to the tax authorities.