Financial Sanctions Regulations in Iceland Take Effect

Iceland has implemented restrictive measures to maintain international peace and security, as well as respect for human rights and fundamental freedoms. The Ministry of Foreign Affairs is responsible for overseeing these regulations, which are based on international agreements with the United Nations Security Council, the European Union, and the Organization for Security and Co-operation in Europe.

Alignment with EU Sanctions Regime

Iceland’s sanctions regime is aligned with that of the European Union, thanks to its participation in the European Economic Area agreement. This means that Iceland enforces the same sanctions as EU member states.

Enforcement of Sanctions

Enforcement of sanctions is carried out by customs and police authorities in cooperation with the Ministry of Foreign Affairs. The ministry issues regulations on sanctions, while authorities investigate breaches of the legislation and prosecutors bring cases before regular courts.

Legal Framework for Financial Sanctions Regulations

The legal framework for financial sanctions regulations in Iceland includes:

• Act No 93/2008: General provisions
• Regulation No 119/2009: Specific regulations
• Regulation No 298/2010: Enforcement of international sanctions

These laws provide a comprehensive framework for enforcing international sanctions in Iceland.