Iceland Takes Steps to Combat Money Laundering and Terrorist Financing
Reykjavik, Iceland - The Financial Supervisory Authority (FSA), Directorate of Internal Revenue (DIR), Financial Intelligence Unit (FIU), and other government agencies are working together to prevent money laundering and terrorist financing in the country.
Implementing Measures to Combat Anti-Money Laundering and Anti-Terrorist Financing
A new report highlights the importance of cooperation between different authorities to effectively detect and prevent such activities. The report emphasizes that these efforts are crucial for maintaining a strong reputation as a financially stable and transparent country, while also protecting its citizens from harmful activities.
Key Agencies Involved in Combating Money Laundering and Terrorist Financing
- Financial Supervisory Authority (FSA): Responsible for monitoring financial institutions, electronic money companies, and pension funds to ensure compliance with anti-money laundering regulations.
- Directorate of Internal Revenue (DIR): Operates the Register of Companies and monitors accounting firms, law firms, and realtors.
- Financial Intelligence Unit (FIU): Receives notices of suspicious transactions involving money laundering or terrorist financing and analyzes them in collaboration with other authorities. The unit also disseminates its findings to relevant parties to facilitate further investigation.
- Other key agencies: Directorate of Customs, District Prosecutor’s Office, Law Enforcement Authorities, Directorate of Tax Investigations, National Commissioner of the Icelandic Police, Ministry for Foreign Affairs, and Ministry of Industry and Innovation.
Risk Assessment Process
The risk assessment process is led by the National Commissioner of the Icelandic Police, which works closely with the Ministry of Justice and a task force comprising representatives from various government agencies. The Central Bank of Iceland, Register of Companies, and market participants are also indirectly involved in the risk assessment.
Importance of Cooperation and Regular Monitoring
The report emphasizes the importance of cooperation between different authorities to effectively detect and prevent money laundering and terrorist financing. It highlights the need for regular monitoring and evaluation of anti-money laundering measures to ensure their effectiveness.
By working together, Iceland’s government agencies aim to maintain a strong reputation as a financially stable and transparent country, while also protecting its citizens from harmful activities associated with money laundering and terrorist financing.