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Authorization for Seizure of Gain from Offences
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A new authorization has been granted to seize gain from offences or money corresponding to it, in whole or in part. This includes objects purchased with such gain or replacing it. In cases where it is not possible to fully prove the amount of gain, the provision allows for estimating the amount.
This development comes as Iceland continues to strengthen its efforts to combat money laundering and terrorist financing. The country’s Supreme Court has already ruled on several high-profile cases related to these crimes.
Other Bodies of Law
In addition to this new authorization, there are other bodies of law that fall under the category of anti-money laundering and anti-terrorist financing measures. These include:
- Act on Criminal Procedure no. 88/2008
- International Sanctions Implementation Act no. 93/2008
There are also parliamentary bills currently being considered to ensure accurate information on actual owners to prevent money laundering and terrorist financing, as well as a bill on freezing funds and registering parties on a list of coercive measures related to terrorist financing and the spreading of weapons of mass destruction.
Authorities Involved
Several authorities are involved in the implementation of these anti-money laundering and anti-terrorist financing measures. These include:
- National Commissioner of the Icelandic Police
- Ministry of Justice
- Directorate of Tax Investigations
- Financial Supervisory Authority, Iceland
- Central Bank of Iceland
- Register of Companies
- Market participants
The risk assessment for these measures is carried out by the National Commissioner of the Icelandic Police in consultation with other authorities and stakeholders.
Methodology
The risk assessment methodology involves a broad and close consultation with various stakeholders, including representatives from government ministries, law enforcement agencies, financial institutions, and market participants. The Central Bank of Iceland, Register of Companies, and market participants are also indirectly involved in the risk assessment process.
This development is expected to further strengthen Iceland’s efforts to combat money laundering and terrorist financing, and to ensure a safer and more secure financial system for all citizens.