Financial Crime World

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FIU-ICE: Iceland’s AML/CFT Measures Show Significant Progress

Introduction

The Financial Intelligence Unit (FIU) of the United States has announced that Iceland has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER).

Progress Made by Iceland

According to a recent report by the FIU, Iceland has implemented measures to strengthen its anti-money laundering and counter-terrorist financing (AML/CFT) framework. As a result, the country’s rating on Recommendation 15 has been upgraded from partially compliant to compliant.

  • The introduction of a regime for virtual asset service providers (VASPs)
  • The publication of a second National Risk Assessment (NRA) that assesses the risks of new technologies
  • The implementation of measures related to preventive measures and international cooperation

Addressing Deficiencies

The report notes that Iceland has addressed some deficiencies identified in its MER and has made progress on other Recommendations rated partially compliant. Specifically, the country has implemented requirements described under criteria 13.1 and 13.2 of Recommendation 13, which apply to institutions within the European Economic Area (EEA).

Remaining Deficiencies

Despite this progress, the report notes that moderate deficiencies remain, particularly in the area of customer due diligence and reporting obligations. The FIU has therefore downgraded Iceland’s rating on Recommendation 15 to partially compliant.

Conclusion

The FIU concludes that Iceland has made significant progress in strengthening its AML/CFT measures, but that some work remains to be done. The country will continue to remain in enhanced follow-up and will inform the FIU of its progress in improving the implementation of its AML/CFT measures.

About the FIU-ICE

The Financial Intelligence Unit (FIU) is a government agency responsible for collecting, analyzing, and disseminating financial intelligence to support law enforcement agencies in their fight against money laundering and terrorist financing. The FIU works closely with international partners, including the Financial Action Task Force (FATF), to ensure that countries implement effective AML/CFT measures.

Contact Information

For more information about the FIU-ICE or this report, please contact:

  • [Name], Public Affairs Officer
  • [Email]
  • [Phone]