Iceland

New Documents

The Financial Action Task Force published an enhanced follow-up report for Iceland, noting that the jurisdiction has made progress on Technical Recommendation 28. Iceland was previously rated non-compliant with that recommendation. FATF has now judged the jurisdiction to be compliant.

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.

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 : 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 : 19/110
Score : 4.16/10

TRANSPARENCY INTERNATIONAL i

Rank : 17/179
Score : 75/100

Tax Justice Network i

Rank : 84/133
Score : 57/100