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Iceland’s Tough Approach to White-Collar Crime Sets an Example for the Rest of the World

Reykjavik, Iceland - In stark contrast to the United States, where white-collar crime cases are at a 20-year low, Iceland has taken a tough stance on bankers who were involved in the 2008 economic crisis.

A Harsh Approach to Corporate Accountability

Last week’s sentencing of several high-ranking financiers brought the total number of bankers imprisoned over the meltdown to 26, with combined sentences totaling 74 years behind bars. This approach has been met with criticism from some who argue that it hinders economic growth. However, Iceland’s experience suggests otherwise.

Economic Recovery

The country’s economy has shown signs of recovery, with a growth rate outpacing European averages in 2012 and a halved unemployment rate since the peak of the crisis.

In Contrast: The US Approach

In contrast, the US government has taken a more lenient approach to prosecuting white-collar crime. Prosecutions for all types of white-collar crime have decreased significantly, and corporate settlements often lack punitive measures or acknowledgment of wrongdoing. According to financial expert William Black, this approach has eliminated deterrence and allowed corporations to get away with their crimes.

Prioritizing Corporate Accountability

Iceland’s decision to let its banks fail and seek an International Monetary Fund bailout was initially seen as a disaster. However, the country has since returned to economic growth faster than expected and has made significant strides in reducing unemployment. The US could learn from Iceland’s approach by prioritizing corporate accountability and holding those responsible for financial crimes accountable.

Lessons Learned

While it may be tempting to take a softer stance on white-collar crime in order to avoid hurting the economy, Iceland’s experience suggests that this approach can actually lead to better outcomes in the long run. The US could benefit from taking a similar approach, prioritizing corporate accountability and holding those responsible for financial crimes accountable.

A Step in the Right Direction

As the US looks to make course corrections on white-collar crime, a new memo from the Department of Justice sets a higher standard for corporate cooperation in investigations. While this is a step in the right direction, it remains to be seen whether it will be enough to significantly increase accountability and deterrence.

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