Iceland’s Fight Against Bribery: Measures to Prevent and Detect Corruption

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Iceland has been taking steps to combat corruption by preventing and detecting bribery of foreign public officials. However, a recent evaluation report by the Group of States against Corruption (GRECO) highlights that the country still lags behind in terms of effective measures to tackle this issue.

The Report

The GRECO report notes that while Iceland has ratified the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, there is a lack of awareness among the public and private sectors about the potential for corruption. Additionally, the country’s economic transformation, characterized by privatization and diversification, could lead to an increase in financial crimes.

The Need for Measures

To prevent both bribery and tax offenses, as well as money laundering, it is essential to have measures in place. These measures should aim to raise awareness among all those involved in international business transactions about the potential for corruption and the procedures available to report suspicious acts.

Awareness Raising

• Raise awareness among public officials and employees of private companies about the potential for corruption.
• Provide training on the procedures to report suspicious acts.

Current Situation

Despite some public discussion last year on the situation in Iceland regarding corruption, no specific measures have been taken to publicize the ratification of the Convention on Combating Bribery of Foreign Public Officials. This lack of awareness among the public and private sectors could hinder efforts to prevent and detect bribery.

Lack of Awareness

• The government has not taken steps to ensure that public officials are aware of the potential for corruption.
• Private companies have not implemented internal measures to prevent bribery.

The Role of Both Sectors

Both the public and private sectors have a role to play in preventing and detecting corruption. The government should take steps to ensure that public officials are aware of the potential for corruption and know how to report suspicious acts. At the same time, private companies should implement internal measures to prevent bribery and ensure that employees are aware of their responsibilities.

Public Sector

• Ensure that public officials are aware of the potential for corruption.
• Provide training on the procedures to report suspicious acts.

Private Sector

• Implement internal measures to prevent bribery.
• Ensure that employees are aware of their responsibilities.

The Need for Effective Measures

Given the country’s economic transformation and growing exposure of Icelandic corporations and their foreign subsidiaries to sensitive business environments worldwide, it is essential to have effective measures in place to prevent and detect corruption. This includes raising awareness among all those involved in international business transactions about the potential for corruption and the procedures available to report suspicious acts.

Effective Measures

• Implement internal controls to prevent bribery.
• Provide training on the procedures to report suspicious acts.

Conclusion

Iceland’s fight against bribery requires effective measures to prevent and detect corruption. While some progress has been made, more needs to be done to raise awareness and implement internal measures within both the public and private sectors. It is essential that all those involved in international business transactions are aware of the potential for corruption and know how to report suspicious acts.