Financial Sanctions List Implemented in Iceland: A Commitment to International Peace and Security

Iceland has implemented a financial sanctions list in accordance with the UN Security Council, European Union, and Organization for Security and Co-operation in Europe (OSCE) measures aimed at maintaining international peace and security. This move demonstrates Iceland’s commitment to respecting human rights and fundamental freedoms.

Participation in the European Economic Area

As a member of the European Economic Area (EEA), Iceland has adopted the same sanctions regime as the European Union. The Ministry for Foreign Affairs is responsible for implementing these restrictive measures, which include a list of individuals, entities, and organizations subject to financial restrictions.

Enforcement and Compliance

Customs and police authorities work closely with the Ministry to enforce sanctions legislation. They investigate breaches and cooperate with prosecutors to bring cases before regular courts. To ensure compliance with international sanctions, regulations have been put in place, including:

• Act on the Implementation of International Sanctions No 93/2008
• Regulation No 119/2009
• Regulation No 298/2010

Regular Updates and Public Access

The financial sanctions list is updated regularly by the Ministry for Foreign Affairs. The public can access this information through the ministry’s website or by contacting them directly.

Conclusion

Iceland’s implementation of a financial sanctions list demonstrates its commitment to maintaining international peace and security, as well as upholding human rights and fundamental freedoms. The country’s cooperation with other international organizations, such as the European Union and OSCE, highlights its role in promoting global stability and security.