Iceland

New Documents

The Financial Action Task Force published a follow-up report concerning Iceland’s progress to address anti-money laundering and counterterrorist financing deficiencies, highlighting that the country’s efforts have resulted in re-ratings concerning 13 FATF Recommendations.

The financial supervisors of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden issued a joint press release regarding their agreement to increase cross-border cooperation on anti-money laundering supervision.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Iceland as a monitored jurisdiction. Money laundering in Iceland is related primarily to tax evasion, narcotics smuggling, fraud and economic crimes and underground casinos. Very few money laundering cases have been registered in Iceland due to the unavailability of statistical data. Additionally, Iceland has not conducted specific typology analyses on suspicious transaction reports. Criminal proceeds are often derived from domestic organizations with some links to foreign groups. Authorities continue to investigate criminal actions in connection with the 2008 collapse of Iceland's financial system. The country’s financial intelligence unit reported that until July 15, 2015 it was not actively functioning due to a shortage of staff, expertise and funding.
  • KYC Covered Entities:  Banks; currency exchanges; attorneys; trust, safekeeping, and company service providers; life insurance companies and pension funds; insurance brokers and intermediaries; securities brokers; and dealers of vessels or high-value items
  • STR Covered Entities:  Banks; currency exchanges; attorneys; trust, safekeeping, and company service providers; life insurance companies and pension funds; insurance brokers and intermediaries; securities brokers; and dealers of vessels or high-value items
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 14 High : 0
Largely Compliant : 14 Substantial : 1
Partially Compliant : 11 Moderate : 4
Non-Compliant : 1 Low : 6

A "graylisted" country as of Oct. 18, 2019. Iceland's technical compliance was re-rated in a Sept. 5, 2019 follow-up report

BASEL i

Rank : 114/141
Score : 4.25/10

TRANSPARENCY INTERNATIONAL i

Rank : 11/180
Score : 78/100

Tax Justice Network i

Rank : 84/133
Score : 57/100