Iceland Takes a Tough Stance on Anti-Money Laundering and Terrorist Financing
Reykjavik, Iceland - The Icelandic government has taken concrete steps to strengthen its measures against money laundering and terrorist financing, ensuring that financial institutions and individuals operating in the country are held accountable for any suspicious activities.
Government Agencies Involved
- Financial Supervisory Authority (FSA): responsible for monitoring and regulating financial companies, electronic money companies, and pension funds to ensure compliance with anti-money laundering and anti-terrorist financing regulations.
- Directorate of Internal Revenue (DIR): oversees accounting firms, law firms, and realtors to prevent any illegal activities.
- Financial Intelligence Unit (FIU): an independent administrative unit within the District Prosecutor’s Office that identifies and investigates suspicious transactions suspected of involving money laundering or terrorist financing.
- Directorate of Customs: responsible for levying and collecting duties, monitoring imports and exports, and conducting risk control analysis.
- District Prosecutor’s Office: handles serious offenses under the General Penal Code.
- Law Enforcement Authorities (LEA): investigates violations under the supervision of the District Prosecutor or Chief of Police.
- National Commissioner of the Icelandic Police (NCIP): responsible for carrying out risk assessments under the Act on Anti-Money Laundering and Anti-Terrorist Financing.
Risk Assessment Process
The NCIP conducts risk assessments in consultation with the Ministry of Justice and a task force comprising representatives from various government agencies, including:
- Directorate of Tax Investigations
- District Prosecutor’s Office
- FIU
- Police in the Reykjavik Metropolitan Area
- Central Bank of Iceland
- Register of Companies
- Market participants
Commitment to Anti-Money Laundering and Anti-Terrorist Financing
The Icelandic authorities’ efforts to strengthen their anti-money laundering and anti-terrorist financing measures demonstrate a commitment to ensuring that financial transactions are transparent and secure, protecting the country’s economic stability and national security.