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Iceland’s Financial Intelligence Unit Proves Vital in Combating Money Laundering and Terrorist Financing

Reykjavik - Iceland’s Financial Intelligence Unit (FIU) continues to play a crucial role in combating money laundering and terrorist financing, as mandated by the country’s Measures against Money Laundering and Terrorist Financing Act.

The FIU’s Role

As a key component of Iceland’s efforts to combat financial crimes, the FIU receives notifications and tip-offs from various sources. The unit then investigates allegations of suspicious transactions and passes on relevant information to the appropriate authorities for further investigation or prosecution. This is done in collaboration with the Directorate of Public Prosecution (DP), which oversees the FIU.

Annual Statistics

According to annual statistics published by the FIU, the number of tip-offs received on suspicious transactions continues to rise. The unit investigates a significant proportion of these cases, and the data reveals that:

• A substantial number of persons are indicted and sentenced each year for money laundering or terrorist financing
• Assets are embargoed, seized, or confiscated under Iceland’s Code of Criminal Procedure or General Penal Code

International Cooperation

Iceland’s membership in the Financial Action Task Force (FATF) underscores the country’s commitment to combating these serious crimes. FATF is an international body that issues guidelines on measures against money laundering and terrorist financing used by over 180 countries.

The FIU’s efforts are a testament to Iceland’s dedication to fighting financial crimes and upholding its reputation as a responsible member of the global community.