Financial Crime World

Iceland Takes Steps to Strengthen Anti-Money Laundering Laws Amid Global Concerns

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Reykjavik, Iceland - The Central Bank of Iceland recently hosted a conference on measures against money laundering and terrorist financing, bringing together experts from around the world to discuss the latest developments in this critical area.

Conference Highlights

  • The event, held at the Grand Hótel in Reykjavik on September 5, 2022, featured speakers from both Iceland and abroad who shared their insights on various aspects of anti-money laundering (AML) and combating the financing of terrorism (CFT).
  • Key topics discussed included:
    • Upcoming changes to the European AML/CFT legal framework
    • Latest developments in the EU related to AML/CFT
    • Data-driven supervision
    • Serious and organized crime landscape and the need for effective measures against money laundering

Expert Insights

Unnur Gunnarsdóttir, Deputy Governor of the Central Bank of Iceland for Financial Supervision

  • Emphasized the importance of supervisory cooperation in preventing financial crimes: “As a supervisor, we have a critical role to play in ensuring that financial institutions comply with AML/CFT regulations.”
  • Stressed the need for effective measures against money laundering and terrorist financing.

Olena Loboiko, Policy Officer at the European Commission

  • Provided an update on the EU’s efforts to strengthen its AML/CFT framework: “The European Union is committed to preventing the misuse of the financial system for criminal purposes.”
  • Highlighted the importance of cooperation between member states in preventing money laundering and terrorist financing.

Endija Springe, Policy Expert at the European Banking Authority

  • Emphasized the importance of supervisory convergence in preventing financial crimes: “Supervisors must work together to ensure that their approaches to AML/CFT supervision are consistent and effective.”
  • Stressed the need for a unified approach to combating money laundering and terrorist financing.

Petra Vriend, Head of Department, Supervision Financial Crime at De Nederlandsche Bank

  • Highlighted the need for data-driven supervision in detecting and preventing money laundering: “The use of data and new technology is crucial in improving the effectiveness of AML practices.”
  • Emphasized the importance of using data to identify suspicious transactions and prevent money laundering.

Grímur Grímsson, Chief Superintendent at the Reykjavík Metropolitan Police

  • Spoke about the serious and organized crime landscape and the need for effective measures against money laundering: “Criminal networks are increasingly using sophisticated methods to launder criminal profits.”
  • Warned that criminals are adapting quickly to new laws and regulations, making it essential for authorities to stay ahead of them.

Conclusion

The conference concluded with a cocktail reception for all guests, providing an opportunity for participants to network and discuss the latest developments in AML/CFT. The event was well-received by attendees, who praised the informative and engaging presentations.