Financial Crime World

Iceland’s Financial Fraud Statistics Reveal Surprising Trends

A recent report by Iceland’s national accounts has shed light on the country’s financial assets and liabilities, revealing a complex picture of financial fraud statistics.

Financial Assets and Liabilities in Iceland

According to preliminary data, the total financial assets of Iceland’s domestic sector stood at 35,022 billion ISK in year-end 2021, representing a staggering 1,077% of Gross Domestic Product (GDP). Meanwhile, total financial liabilities reached 33,618 billion ISK, or 1,034% of GDP. This resulted in a positive net financial asset balance of 1,404 billion ISK for the domestic sector.

Breakdown of Financial Assets and Liabilities

  • Households: Financial assets amounting to 9,974 billion ISK and liabilities totaling 2,779 billion ISK by the end of 2021. Households’ net financial assets increased from approximately 6,168 billion ISK in 2020 to 7,195 billion ISK in 2021.
  • Non-Financial Corporations: Financial assets worth 4,654 billion ISK and liabilities totaling 9,119 billion ISK.
  • Financial Corporations: Held significant financial assets (17,777 billion ISK) but were burdened by higher liabilities (18,097 billion ISK).
  • General Government: Its financial assets stood at 2,497 billion ISK, or 77% of GDP, while liabilities reached 3,608 billion ISK, or 111% of GDP.
  • Foreign Sector: Financial assets with a domestic counterpart were valued at 3,822 billion ISK, or 118% of GDP, and its liabilities stood at 5,210 billion ISK, or 160% of GDP.

Concerns about Potential Financial Fraud

While the report provides valuable insights into Iceland’s financial landscape, it also raises concerns about potential financial fraud. The data highlights the need for increased scrutiny and transparency in the country’s financial sector to prevent and detect fraudulent activities.

Next Publication of Financial Accounts

The next publication of financial accounts is slated for September 2023, providing an opportunity for further analysis and insight into Iceland’s financial situation.