Types of Financial Crimes Rampant in Iceland, According to Latest Statistics

Iceland’s Financial Intelligence Unit (FIU) has reported a significant surge in notifications and tip-offs regarding suspicious financial transactions. The majority of these allegations are related to money laundering and terrorist financing.

Rise in Investigations and Prosecutions

The FIU receives these allegations under the Measures against Money Laundering and Terrorist Financing Act. According to statistics released by the unit, each year sees a steady stream of tip-offs regarding suspicious transactions. In 2019, there was a particularly high number of notifications.

• Of those investigated, many have resulted in indictments and sentences for money laundering or financing terrorist activities.
• The types of assets affected by these financial crimes are varied, including:
  • Cash
  • Property
  • Businesses
  • Vehicles

These assets are seized or confiscated under the Code of Criminal Procedure or General Penal Code.

Iceland’s Approach to Combating Financial Crimes

Iceland’s membership in the Financial Action Task Force (FATF) has helped shape the country’s approach to combating money laundering and terrorist financing. The FATF is an international body that issues guidelines on measures against these crimes, used by more than 180 countries worldwide.

• Iceland’s strong economy and financial sector make it a prime target for these types of financial crimes.
• Authorities have identified these crimes as a major concern due to the potential risks they pose to national security and economic stability.