Financial Crime World

Icelandic Authorities Crack Down on Financial Crimes

Iceland’s government has outlined its efforts to combat money laundering and terrorist financing in a bid to curb financial crimes. A recent report highlights the key players involved in this fight.

Key Agencies Involved

  • Icelandic Revenue Commission (IRC): responsible for supervising customs affairs and enforcing laws related to the importation and exportation of goods.
  • Financial Intelligence Unit (FIU): an independent administrative unit within the District Prosecutor’s Office, receives notices of transactions suspected to involve money laundering or terrorist financing, analyzes the information, and disseminates its findings to relevant parties.
  • District Prosecutor’s Office (DPO): exercises prosecutorial authority in cases involving offenses under Article 100(a-c) of the General Penal Code and investigates and prosecutes serious offenses under Article 264 of the same act.
  • Law Enforcement Agencies (LEAs): including police chiefs, investigate violations under the supervision of the DPO or Chief of Police.
  • Directorate of Tax Investigations (DTI): responsible for investigating tax-related crimes under the Income Tax Act and other taxes levied by IRC.
  • National Commissioner of the Icelandic Police (NCIP): handles police matters on behalf of the minister and prepares national risk assessments to combat money laundering and terrorist financing.
  • Ministry of Foreign Affairs (MoFA): responsible for implementing international restrictive measures.
  • Ministry of Industry and Innovation (MoII): oversees registration matters, including the Registration of Beneficial Owners Act.
  • Ministry of Finance and Economic Affairs (MoFE): supervises financial institutions and other entities.

Predicate Offenses of Money Laundering

The report highlights the importance of predicate offenses in money laundering cases. These include:

  • Theft
  • Fraud
  • Embezzlement
  • Tax fraud
  • Drug offenses
  • Document violations

According to data from the police, theft is one of the most common predicate offenses, with organized criminal groups from Eastern Europe being suspected of perpetrating these crimes.

Conclusion

The report emphasizes the need for a comprehensive approach to combating financial crimes, involving multiple government agencies and authorities. By working together, Iceland can ensure that its financial system remains safe and secure.