Financial Crime World

Global Non-Profit Organizations Face Scrutiny in Fight Against Money Laundering and Terrorist Financing

In an effort to curb the flow of illicit funds, governments worldwide have established various organizations to monitor and regulate non-profit entities that operate across borders. These organizations play a crucial role in detecting and preventing money laundering and terrorist financing activities.

The Players Involved

Government Agencies and Authorities

Iceland has several government agencies and authorities working together to combat money laundering and terrorist financing, including:

  • Ministry of Foreign Affairs (M oFA)
  • Ministry of Finance and Economic Affairs (M oFE)
  • Ministry of Industry and Innovation (M oII)
  • National Commissioner of the Icelandic Police (NCIP)
  • Financial Supervisory Authority (FSA)
  • Registration Division under the Ministry of Industry and Innovation
  • Non-Profit Organizations

The Issue: Predicate Offences

Crimes that Generate Illegal Profits

Predicate offences, which are crimes that generate illegal profits, are a key area of focus in the fight against money laundering. These crimes can include:

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

According to data from the police, the most common predicate offences in Iceland are:

  • Theft
  • Fraud
  • Embezzlement
  • Tax fraud

The Investigation

Suspected Criminal Activity

In 2019, the National Security Unit of the NCIP reported an increase in organized criminal activity, including theft and burglary. The unit suspects that mobile organized criminal groups from Eastern Europe have been targeting Iceland for these crimes.

Conclusion

Holding Non-Profit Organizations Accountable

As the global community continues to grapple with the challenges posed by money laundering and terrorist financing, it is essential that non-profit organizations operating across borders are held accountable for their activities. By working together, governments and authorities can ensure that these organizations are transparent and compliant with anti-money laundering regulations.