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Financial Crime Risk Assessment Methods in Iceland: High-Risk Jurisdictions Draw Attention of Central Bank

In a move to strengthen measures against money laundering and terrorist financing, the Central Bank of Iceland has highlighted jurisdictions that pose a significant risk. According to Article 6 of Act no. 140/2018, obliged entities must conduct enhanced due diligence when dealing with parties from high-risk countries.

What Constitutes High-Risk Jurisdictions

The list of high-risk and uncooperative jurisdictions includes countries designated as such by the Financial Action Task Force (FATF) as well as those listed by the European Union as high-risk third countries. The FATF’s June 2024 statement identifies several jurisdictions subject to a call for action, while Iceland’s Regulation no. 448/2024 amends rules on high-risk jurisdictions.

Countries Identified as High-Risk and Uncooperative

The following countries have been identified as high-risk and uncooperative:

Afghanistan
Barbados
Bulgaria
Burkina Faso
Cameroon
Croatia
Democratic Republic of the Congo
Democratic People’s Republic of Korea (DPRK)
Gibraltar
Haiti
Iran
Jamaica
Kenya
Mali
Mozambique
Myanmar/Burma
Namibia
Nigeria
Panama
Philippines
Senegal
South Africa
South Sudan
Syria
Tanzania
Trinidad and Tobago
United Arab Emirates
Uganda
Vanuatu
Vietnam
Yemen

Additional Resources

For further information, the FATF report of June 2024 provides a detailed breakdown of jurisdictions under increased monitoring. The Icelandic government’s no. 105/2020 regulation outlines the rules on high-risk jurisdictions for measures against money laundering and terrorist financing.

As Iceland continues to implement stricter regulations, obliged entities must ensure they are adequately equipped to assess financial crime risks in these high-risk jurisdictions.