Financial Inclusion Crucial to Combat Crime in Iceland, Experts Say

Reykjavik, Iceland - The Central Bank of Iceland recently hosted a conference on measures against money laundering and terrorist financing, bringing together domestic and foreign experts to discuss the importance of financial inclusion in combating crime.

Supervisory Cooperation is Key

Effective supervision requires close collaboration between authorities to identify and address risks. Unnur Gunnarsdóttir, Deputy Governor for Financial Supervision at the Central Bank of Iceland, emphasized this point during the conference.

• Close cooperation between authorities is essential to prevent money laundering and terrorist financing
• Identifying and addressing risks require a joint effort from all parties involved

Implementing Robust AML/CFT Frameworks

Olena Loboiko, a policy officer at the European Commission, highlighted the need for countries to implement robust Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) frameworks to combat serious and organized crime.

• Money laundering and terrorist financing are significant threats to financial stability and national security
• Implementing effective AML/CFT frameworks is crucial to preventing these types of criminal activity

Financial Inclusion Prevents Criminal Activity

Grímur Grímsson, Chief Superintendent at the Reykjavík Metropolitan Police, noted that criminals increasingly use complex financial networks to launder their profits. He emphasized the importance of financial inclusion in preventing this type of criminal activity.

• Financial inclusion is essential to prevent criminals from using complex financial networks to launder their profits
• Access to financial services reduces reliance on informal or unregulated channels

Data-Driven Supervision Improves Effectiveness

Petra Vriend, Head of Department, Supervision Financial Crime at De Nederlandsche Bank, discussed the importance of data-driven supervision in identifying and preventing money laundering and terrorist financing.

• Leveraging data and technology improves the effectiveness of AML/CFT practices
• Data-driven supervision helps identify and prevent criminal activity

Conclusion: Continued Cooperation Needed

The conference concluded with a call for continued cooperation between authorities, regulatory bodies, and the private sector to combat money laundering and terrorist financing in Iceland and globally.

• Effective cooperation is essential to preventing money laundering and terrorist financing
• Implementing robust AML/CFT frameworks, promoting financial inclusion, and leveraging data-driven supervision are key to combating crime.