Iceland: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

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Volume/Issue: Volume 2007 Issue 254
Publication date: July 2007
ISBN: 9781451819342
$20.00
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Topics covered in this book

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Public Finance , ISCR , CR , CFT requirement , CFT legislation , CFT system , CFT control , CFT standard , CFT authorities , CDD measure , CFT training , CFT issue , CFT policy coordination , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Terrorism financing , Legal support in revenue administration , Europe

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Summary

This paper examines Iceland’s Observance of Standards and Codes on the Financial Action Task Force Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism. Iceland’s legal requirements in place to combat money laundering and terrorist financing are generally comprehensive. The penalties for money laundering appear low, and the number of money laundering prosecutions and convictions has decreased. The terrorist financing offence is generally broad, although it does not fully cover the financing of acts listed in the Terrorist Financing Convention.

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