Iceland

New Documents

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

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.

September 5, 2019

Nordic Supervisory Authorities Pledge to Increase AML Cooperation

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.

May 8, 2019

GRETA Urges Icelandic Authorities to Improve Anti-Human Trafficking Coordination

March 20, 2019

FATF: Iceland Must Improve Internal AML/CTF Cooperation

April 6, 2018

Thirty-Three Countries Issue Joint Statement on Initiative for Sharing Beneficial Ownership Information

May 3, 2016

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 : 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