Financial Crime World

FIGHT AGAINST ORGANIZED CRIME INTENSIFIES IN ICELAND

Strengthening Law Enforcement Cooperation

In response to an alarming increase in violence associated with criminal groups, the Icelandic government has launched a comprehensive effort to strengthen law enforcement cooperation and coordination among police departments. This initiative aims to foster international and reciprocal cooperation with relevant authorities to combat organized crime.

Improving Digital Connectivity and Cybersecurity

Despite concerns about political instability, the government coalition emerged victorious in the last elections, and public trust in politicians has gradually improved. The government has also prioritized improving digital connectivity and cybersecurity, with a unique strategy that incorporates cybersecurity considerations into procurement and supply chains and adopts an information-driven approach to protect critical infrastructure.

International Cooperation

Iceland’s commitment to combating organized crime is unwavering, and the country actively participates in international cooperation efforts to combat this threat. Iceland is party to various law enforcement organizations and networks, and has ratified and implemented several international conventions and protocols. This international cooperation has facilitated joint investigations and controlled deliveries, with experts agreeing that it has largely been effective.

National Policies and Laws

At home, Icelandic authorities have implemented various national policies and laws to address organized crime and related offenses. The criminal code defines and penalizes organized criminal organizations, while legislative reforms aim to:

  • Provide access to accurate ownership information
  • Implement an automated system for reporting suspicious transactions
  • Enhance the capacity of financial intelligence units

Economic and Regulatory Environment

Iceland’s economic and regulatory environment is considered to be in line with European and Scandinavian standards, allowing legitimate businesses to operate without the influence of criminal activities. The country’s low crime rate further enables legitimate businesses to operate without significant threats.

Sectors Vulnerable to Infiltration

However, certain sectors may be more vulnerable than others to infiltration by organized crime for money laundering or human smuggling and trafficking. It is essential that authorities continue to monitor these sectors closely and take swift action to combat any potential threats.

Role of Civil Society and Social Protection Mechanisms

Iceland’s civil society and social protection mechanisms are also playing a crucial role in combating organized crime. The government provides funding to non-governmental organizations (NGOs) and civil society organizations (CSOs) that offer shelter and psychological services to victims of trafficking and sexual exploitation.

Victim Protection Measures

Victim protection measures include:

  • Standardized referral procedures
  • A national referral mechanism
  • The establishment of a family justice centre

Conclusion

In conclusion, Iceland’s commitment to combating organized crime is unwavering, and the country’s efforts to strengthen law enforcement cooperation, improve digital connectivity and cybersecurity, and support victims of trafficking and sexual exploitation are paying dividends. However, authorities must remain vigilant and continue to monitor potential threats in order to ensure the safety and security of Icelandic citizens.