Here is the rewritten article in markdown format:
Iceland Strengthening Financial Intelligence Sharing Agreements to Combat International Sanctions
In a bid to maintain peace and security in the world, Iceland has strengthened its financial intelligence sharing agreements aimed at combating international sanctions.
Importance of Obliged Entities
The country’s Central Bank has emphasized the importance of obliged entities, such as banks and financial institutions, to implement strict measures to prevent the misuse of funds. According to Act no. 68/2023 on the Implementation of International Sanctions and Freezing of Funds, obliged entities must have in place systems and procedures to assess whether customers and beneficial owners are on international sanction lists.
Consequences of Non-Compliance
The Central Bank has warned that failure to comply with these requirements may result in penalties, including:
- Daily fines
- Administrative fines
Sanctions Against Russia
Iceland’s sanctions against Russia due to its military actions in Ukraine include:
- Freezing of funds
- Disrupting trade and services related to aviation and the space industry
- Ban on trade in high-tech products that could strengthen Russia’s military power
Vigilance Required
The Central Bank has cautioned obliged entities to be vigilant when processing transactions, ensuring that they are not enabling customers to fulfill contracts or obligations that violate sanctions. This may result in criminal charges punishable by:
- Fines
- Imprisonment
Support for Refugees and Asylum Seekers
In related news, the Ministry for Foreign Affairs has launched a website providing summarized information on the implementation of restrictive measures in Iceland due to Russia’s military operations in Ukraine.
The Central Bank has also emphasized the importance of considering the challenges faced by refugees and asylum seekers in accessing basic financial services. The European Banking Authority has previously highlighted the issue of financial exclusion in situations where displaced persons and asylum seekers are unable to present the documents required for traditional due diligence.
Conclusion
In conclusion, Iceland’s strengthened financial intelligence sharing agreements aim to prevent the misuse of funds and ensure compliance with international sanctions. Obliged entities must remain vigilant and take proactive measures to prevent any breaches of the law.