Financial Crime World

Here is the article rewritten in Markdown format:

Icelandic Regulatory Agencies Crack Down on Financial Crimes

=====================================

In recent years, Iceland’s regulatory agencies have seen a significant increase in financial crimes, including insider trading, tax evasion, and corporate malfeasance.

Financial Supervisory Authority (FME)

According to figures from the FME, the number of new cases handled by the agency increased by over 30% between 2003 and 2007. The FME has been working closely with the Economic Crime Division of the National Commissioner of Police to investigate and prosecute these crimes.

Tax Crimes on the Rise

The Directorate of Tax Investigations has also seen an increase in tax crimes over the years. According to its annual reports, the agency investigates approximately 100 cases of suspected tax fraud each year. Tax evasion has become more sophisticated, with companies using offshore accounts and complex webs of foreign holding companies to avoid paying taxes.

Economic Crime Division Under Pressure

The Economic Crime Division of the National Commissioner of Police has been working closely with the FME and other regulatory agencies to investigate and prosecute financial crimes. However, despite its efforts, the division is facing severe resource constraints, with a reduced staff size from 17 employees in 2005 to just 13 in 2009.

Conclusion

In conclusion, Iceland’s regulatory agencies are facing significant challenges in combating financial crimes, including insider trading, tax evasion, and corporate malfeasance. The FME and other agencies have seen a significant increase in cases over recent years, but the Economic Crime Division is struggling to cope with its caseload due to resource constraints.

The Icelandic government must address these challenges by providing adequate funding and resources to the regulatory agencies to ensure that they can effectively investigate and prosecute financial crimes. Only through strengthened enforcement and cooperation between regulatory agencies can Iceland’s economy be protected from fraud and corruption.

Key Statistics:

  • 30% increase in new cases handled by FME between 2003 and 2007
  • Approximately 100 cases of suspected tax fraud investigated by Directorate of Tax Investigations each year
  • Reduced staff size of Economic Crime Division from 17 employees in 2005 to just 13 in 2009