Iceland

New Documents

GRECO Amends Second Compliance Report on Anti-Corruption Evaluation of Iceland

The Council of Europe Group of States Against Corruption published a Second Addendum to the Second Compliance Report of the Fourth Round Evaluation of Iceland’s anti-corruption regime concerning members of parliament, judges and prosecutors.

April 28, 2021

OECD: Iceland Needs to Boost Fight Against Foreign Bribery

The Organisation for Economic Co-operation and Development in a press release called on Iceland to improve detection and enforcement of foreign bribery offenses. 

December 17, 2020

GRECO Report Highlights Deficiencies in Iceland’s Anti-Corruption Efforts

November 17, 2020

FATF Follow-Up Report Re-Rates Iceland to Reflect Stronger AML/CTF Measures

November 17, 2020

FATF Re-Rates Iceland on 13 Recommendations Following Efforts to Strengthen AML/CTF Framework

September 5, 2019

News

Weekly Roundup: Deutsche Bank Denies Holding Trump Tax Returns, Appeals Court Clears Subpoena of President’s Accounting Records, and More

Trump attempted to sway Reza Zarrab prosecution, Giuliani associates detained for illegal campaign donations, and more, in the weekly roundup.

October 11, 2019

Midweek Roundup: Estonia Arrests Former Danske Bank Employees, Goldman Sachs Compliance Officers Enabled 1MDB Business, and More

U.S. Treasury and State departments target Russian intelligence agencies, Singapore bans Goldman Sachs money launderer, and more, in the midweek roundup.

December 20, 2018

Midweek Roundup: Panama Papers Fallout Begins, Trump Introduces Plan to Block Remittances to Mexico, and More

April 6, 2016

‘Panama Papers’ Leak to Spur Governmental Inquiries

April 4, 2016

Weekly Roundup: France Charges HSBC with Tax Crimes, Florida Bank with Rothstein Links Faces Penalty, and More

April 10, 2015

Enforcement Actions

0 Items Found

Key Documents

Iceland Issues CTF Measures Within AML Framework

June 2, 2006

Iceland Defines Politically Exposed Person Under AML/CTF Law

August 11, 2008

Iceland Publishes AML Rules for Currency Exchange Offices, Value Transfer Services

October 21, 2009

Iceland Publishes Regulation on Customer Due Diligence

June 27, 2006

Iceland Enacts AML Legislation

July 1, 1993

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 : 21 High : 0
Largely Compliant : 16 Substantial : 1
Partially Compliant : 3 Moderate : 4
Non-Compliant : 0 Low : 6

Iceland was removed from the FATF "gray list" on Oct. 23, 2020. Iceland's technical compliance was most recently re-rated in a Nov. 17, 2020 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